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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
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
Salesforce stock price targets
Salesforce Inc. is the 33rd largest company in the world with a market cap of $289.58 billion, according to CompaniesMarketCap.
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Sources: Salesforce Inc., TradingView, MarketWatch, MarketBeat, CompaniesMarketCap
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