The fall in the shares in these companies has nothing to do with their business.
The overall market is down more than 30%, and technology companies are a lot more sensitive to the market direction than others. This is how Salesforce looks adjusted for market trends: http://whomovedmystock.com/CRM (disclaimer: this is my startup)
In a SaaS company the cost of sales is recognized immediately, but revenue is only recognized one month at a time. The company might spend $3K on marketing and sales to make $15K over the life time of the customer. The cost of sales up front, while the revenue won't be recognized for months or years. Thus when the company is in rapid growth phrase, earnings will be practically nothing,. All cash is reinvested in sales & marketing, and the profits won't arrive until growth starts to plateau.
Of course, sometimes it turns out that the sales and marketing expense is actually more than the life time value of the customer. The company never gets to profitability, and the share price tanks. This happened to Vonage.
It means the value of the stock doesn't represent the value of the company assuming that the company's recent earning history is indicative of their earning potential. In a growing company, or one where for some reason or another past earnings are not a good indicator, it doesn't mean much.
Theoretically you can deduce the market's idea of how much the company will earn from the PE of such a company.
The overall market is down more than 30%, and technology companies are a lot more sensitive to the market direction than others. This is how Salesforce looks adjusted for market trends: http://whomovedmystock.com/CRM (disclaimer: this is my startup)