On Wednesday, Salesforce (NYSE:CRM) shares dropped in extended trading on the back of its Q3 earnings report, which saw it top analyst expectations.

Reportedly, the software company posted adjusted earnings of USD 1.40 per share on revenue of USD 7.84 billion, beating analyst estimates of earnings of USD 1.22 per share on revenue of USD 7.83B.

Revenue increased 14 per cent year-over-year, with subscription and support revenues coming in at USD 7.23B, an upsurge of 13 per cent YoY, and professional services and other revenues coming in at USD 0.60B, a 25 per cent increase YoY.

Salesforce shares plunged as much as 5.89 per cent following the release. However, it gained 5.6 per cent during the regular session.

Looking ahead, Salesforce said it sees Q4 earnings between USD 1.35 and USD 1.37 per share, versus the consensus of USD 1.34, with revenue for the period seen slightly below guidance at between USD 7.932 and USD 8.032B, compared to the consensus of USD 8.02B.

In a separate release after the close, the company announced that Bret Taylor would step down as the company’s Vice Chair and Co-CEO, effective January 31, 2023.

Salesforce shares are down more than 37 per cent in 2022.