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X to Start Hiring Engineers in Japan

FILE PHOTO: Elon Musk 's X account is seen in this illustration taken, July 24, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Elon Musk 's X account is seen in this illustration taken, July 24, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
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X to Start Hiring Engineers in Japan

FILE PHOTO: Elon Musk 's X account is seen in this illustration taken, July 24, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Elon Musk 's X account is seen in this illustration taken, July 24, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

Social media platform X will start hiring engineers in Japan, chief executive Linda Yaccarino said in a post on Thursday.
Nikkei earlier reported Yaccarino as saying X would start hiring engineers in 2024 and establish an app development team to develop functions and advertising products for the Japanese market.
The development team will create a mechanism for low-cost ads in order to explore demand from small and midsize businesses in Japan, the report added.
X has struggled to retain advertisers since Elon Musk acquired the company in October 2022, and faced a fresh exodus from major brands including Apple, Walt Disney and Warner Bros Discovery in recent weeks over rising concerns about antisemitic content.
Musk has offered a "full apology on the issue and full explanation", Nikkei quoted Yaccarino saying, adding that X would also reinforce to its team in Japan to deal with inappropriate content.

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Salesforce Gains as Software Firm Bets on AI Tools to Power Growth

The Salesforce logo is pictured on a building in San Francisco, California, US October 12, 2016. REUTERS/Lily Jamali/File Photo Purchase Licensing Rights
The Salesforce logo is pictured on a building in San Francisco, California, US October 12, 2016. REUTERS/Lily Jamali/File Photo Purchase Licensing Rights
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Salesforce Gains as Software Firm Bets on AI Tools to Power Growth

The Salesforce logo is pictured on a building in San Francisco, California, US October 12, 2016. REUTERS/Lily Jamali/File Photo Purchase Licensing Rights
The Salesforce logo is pictured on a building in San Francisco, California, US October 12, 2016. REUTERS/Lily Jamali/File Photo Purchase Licensing Rights

Shares of Salesforce gained more than 5% on Thursday as investors cheered the customer relationship management software maker's upbeat quarterly results and its artificial intelligence push to drive growth.

The company has been heavily investing to integrate its AI technologies into existing products, such as its messaging platform Slack, to enhance their capabilities and attract more customers.

"We continue to see Salesforce as an under-appreciated AI winner as its differentiated data and early success in creating/deploying GenAI agents," Reuters quoted Goldman Sachs analyst Kash Rangan as saying.

Wall Street was concerned that tempered cloud spending would affect Salesforce in a tough economy, but the software-as-a-service (SaaS) firm reported better-than-expected revenue, profit and margins in the second quarter.

Salesforce also raised its profit forecast for the year ending January 2025, as margins continue to expand, thanks to its restructuring efforts last year.

The stock is trading at 24.49 times that of Wall Street's profit expectations, compared with 52.11 for SaaS peer ServiceNow and cloud contact center firm Five9's 13.30.

Salesforce is set to add $14 billion to its market capitalization if premarket gains hold. The company's valuation stood at $248 billion as of Wednesday's close.

"We think these results alone are not good enough to drive a sustainable rally from here. For that, we need more catalysts, which could come with the new AI solutions," which are set to be showcased at its event Dreamforce and launched in October, Barclays analyst Raimo Lenschow said.

Some analysts believe that sustained growth in the coming quarters can come through customer support platform Agentforce, which is not yet commercially available.