Software giant Salesforce has seen its share price slump in late trading after weak Q3 forecasts

Mark Sands
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Salesforce saw its shares drop on weak forecasts for the third quarter (Source: Getty)

Software giant Salesforce saw its share price plummet in after hours trading late last night, after it warned of worse-than-expected results in the third quarter.

Although the firm reported a 25 per cent jump in revenues to $2bn (£1.5bn) for the three months to July, it failed to meet analyst projections for the subsequent three months.

Analysts had predicted earnings of $0.24 per share for the quarter to October, but Salesforce forecast an adjusted profit of $0.20 to $0.21.

Salesforce, which has given its name to London skyscraper 110 Bishopsgate, or Heron Tower, saw its share price fall 5.88 per cent to $74.75 in after hours trading.

Shares had closed trading at $79.83 on Tuesday.

The firm also reported a dramatic increase in year-on-year net income for the quarter, which surged to $229.6m from a loss of $852,000 in the previous year.