OEXN reports: Salesforce (NYSE:CRM), released its January 2024 financial report, according to the data, the company's revenue increased by 10% year-on-year8% to 92$900 million, higher than analysts' expectations, and net profit of 14$500 million, better than analysts' expectations.
Salesforce's revenue for the first fiscal quarter of 2024 increased 11% year-over-year to 91$200 million to $91$700 million, broadly in line with analysts' expectations, but full-year revenue estimates are expected to be between $37.7 billion and $38 billion, which is less than analysts' expectations.
Despite the turnaround in the fiscal fourth quarter, revenue and profit exceeded Wall Street's expectations, the guidance for the next full year was not optimistic, and the company's stock price was **7% after hours.
In response, the president of Salesforce pointed out that the full-year guidance takes into account foreign exchange pressures and continued weakness in professional services, noting that human announcements can only be in high demand for products, but this guidance does not take into account the huge impact of artificial intelligence.
It is worth mentioning that ahead of Salesforce's earnings report, analysts expected Salesforce's data division and its generative AI tool, Einstein Copilot, to be a key factor in the company's continued growth, so Citi raised its price target, while BofA also named it one of the best investors in 2024, claiming the company's ability to capture market share. Analysts generally expect CRM to be worth buying, which is in line with Wall Street's "****" and S&P Quant ratings "Strong**." In addition, 44 analysts had expected Salesforce full-year revenue of 386$200 million, 45 analysts on average expect Salesforce to report full-year earnings of 9.5 per share$57.
And over the past three months, Salesforce has revised its expectations significantly. Specifically, the company's earnings per share was raised 39 times and its revenue guidance was raised 24 times, a revised trend that shows optimism about the company's future growth prospects.