News & Analysis

Salesforce financial results announced – the stock is falling

29 February 2024 By Klavs Valters


American customer relationship management company Salesforce Inc. (NYSE: CRM) released the latest financial results after the closing bell on Wall Street on Wednedsay.

Salesforce achieved revenue of $9.287 billio for the fourth quarter of fiscal 2024 vs. $9.223 billion expected. Revenue increased by 11% from the same period the year before.

Earnings per share (EPS) also topped analyst estimates at $2.29 vs. $2.27 per share estimate. EPS grew by 36.30% year-over-year.

Full fiscal 2024 revenue grew by 11% to $34.9 billion.

The company expects revenue of between $37.7 to $38 billion for current fiscal year, which is below analyst estimate of $38.61 billion.

Company overview

  • Founded: February 3, 1999
  • Headquarters: Salesforce Tower, San Francisco, California, United States
  • Number of employees: 79,390 (2023)
  • Industry: Cloud computing, Enterprise software, Consulting
  • Key people: Marc Benioff (Chairman & CEO)

CEO commentary

Marc Benioff, CEO of Salesforce had this to say to shareholders following the latest earning call: “It’s been a phenomenal year of transformation for Salesforce with strong performance across all our key metrics, including record cash flow and margin growth. Our total remaining performance obligation ended the fourth quarter at $56.9 billion, an increase of 17% year-over-year. We’re also thrilled to initiate our first-ever Salesforce dividend and increase our share buyback plan by $10 billion.”

“With our trusted, unified Einstein 1 Platform, we’re incredibly well positioned to build on our success and capitalize on the massive surge in tech spending expected over the coming years, delivering an unprecedented level of intelligence to our customers as AI transforms every company and industry,” Benioff concluded.

Stock reaction

The stock was flat at the end of Wednesday’s trading session, ending the day at $299.77 a share.

Shares fell by around 4% in after-hours trading despite earnings beat on future guidance.

Stock performance

  • 5 day: +5.45%
  • 1 month: +6.37%
  • 3 months: +29.80%
  • Year-to-date: +13.63%
  • 1 year: +78.66%

Salesforce stock price targets

  • Piper Sandler: $285
  • Citigroup: $325
  • Stifel Nicolaus: $330
  • Wells Fargo & Company: $290
  • UBS Group: $310
  • Oppenheimer: $325
  • Robert W. Baird: $310
  • JMP Securities: $293
  • Morgan Stanley: $350
  • Wolfe Research: $315
  • Argus: $290
  • Bank of America: $300

Salesforce Inc. is the 33rd largest company in the world with a market cap of $289.58 billion, according to CompaniesMarketCap.

You can trade Salesforce Inc. (NYSE: CRM) and many other stocks from the NYSE, NASDAQ, HKEX and ASX with GO Markets as a Share CFD on the MetaTrader 5 platform. To find out more, go to “Trading” then select “Share CFDs”.

GO Markets offers pre-market and after-market trading on popular US Share CFDs.

Why trade during extended hours?

  • Volatility never sleeps. Trade over earnings releases as they happen outside of main trading hours
  • Reduce your risk and hedge your existing positions ahead of a new trading day
  • Extended trading hours on popular US stocks means extended opportunities

Sources: Salesforce Inc., TradingView, MarketWatch, MarketBeat, CompaniesMarketCap

Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice. If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.