“With one statement on an earnings call Tuesday evening, often cheery Salesforce CEO Marc Benioff sought to quiet the naysayers predicting economic doom and gloom as the calendar turns to 2018,” Brian Sozzi reports for Yahoo Finance.
“‘When we look out for next year, I’m not sure I can see it going faster than it is now, because I’m not sure… where we would get all the people to hire that we need to hire. This is amazing what’s happening and not just for us but for everybody. But maybe there is a modest slowdown, if it’s 2% to 3% next year of the GDP, I wouldn’t be hugely surprised. But I don’t see some huge sea change in the economy, I consider to see strong growth because I’ve seen so much investment this year, it’s going to pay out for these companies going forward,’ Benioff told analysts,” Sozzi reports. “He added, “I see still several years ahead of good solid growth for the economy.” Benioff did acknowledge more ‘conservative’ economic outlooks among the CEOs in Europe and Asia he talks with regularly. ”
“The Dow Jones Industrial Average, Nasdaq Composite and S&P 500 are all narrowly in the red for the year. Once hot tech stocks such as Apple and Netflix are down more than 20% each in the past three months on fears of slowing earnings growth,” Sozzi reports. “The market has begun to catch a bid, however, amid a strong start to the holiday shopping season for retailers. The message: if consumers are feeling recessionary, they aren’t acting like it when shopping retail websites this month. A record $7.9 billion was spent on Cyber Monday this year, up 19.3% year over year, according to Adobe Analytics.”