Salesforce (CRM) is down roughly 4% in Thursday trading (April 23, 2026), extending a weak tape for large-cap software as investors continue to handicap a slower top-line trajectory implied by the company’s FY2027 outlook. The move is amplified by the stock trading ex-dividend today for Salesforce’s $0.44 quarterly dividend, which typically reduces the share price by approximately the dividend amount as the payout detaches from the stock.

Even with strong AI-related metrics highlighted in recent commentary, the market reaction has remained focused on the pace of forward revenue growth and what investors are willing to pay for it in a higher-volatility macro backdrop. After the latest earnings release, Salesforce reiterated FY2027 revenue expectations in the ~$45.8B–$46.2B range (about 10–11% growth), which investors have treated as “good, not great” for a mega-cap software leader and a setup for multiple compression when sentiment turns risk-off.

Traders will look for any incremental signals on demand durability, the conversion of AI bookings into revenue, and the cadence of margin expansion versus reinvestment. The next key calendar item is the company’s next earnings window (widely expected in late May 2026 based on prior-year timing), while near-term price action may also be influenced by elevated options activity and broader moves in large-cap SaaS.