Salesforce shares rise in after-hours as earnings results top estimates

Salesforce Inc. (NYSE: CRM) reported its latest financial results after the closing bell in the US on Wednesday.

World’s leading customer relationship management company topped both revenue and earnings per share estimates (EPS) for the third quarter of fiscal 2024.

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)

The results

The company reported revenue of $8.72 billion vs. $8.715 billion expected. Revenue was up by 11% vs. the same period last year.

EPS reported at $2.11 per share (up by 50.71% year-over-year) vs. $2.055 per share estimate.

CEO commentary

“We had another strong quarter of executing on our profitable growth plan we set in motion last year, delivering $8.7 billion in revenue and again raising our operating margin guidance for this fiscal year,” Marc Benioff, CEO of Salesforce commented on the latest results.

“We’re now the third largest enterprise software company by revenue, the number one AI CRM and the number one enterprise apps company. Most importantly, we’re bringing CRM, data, AI and trust together in a single, integrated platform, leading our customers into a new era of incredible productivity and growth,” Benioff concluded.

Stock reaction

Shares of Salesforce ended Thursday’s session up by 2.41% at $230.35 a share. The stock was up by 8% in the after-hours trading.

Stock performance

• 1 month: +12.40%
• 3 months: +6.58%
• Year-to-date: +72.86%
• 1 year: +43.03%

Salesforce stock price targets

• RBC Capital: $240
• Piper Sandler: $232
• Macquarie: $250
• Truist Financial: $275
• Goldman Sachs: $340
• Citigroup: $230

Salesforce Inc. is the 41st largest company in the world with a market cap of $224.35 billion.

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Sources: Salesforce Inc., TradingView, MarketWatch, TipRanks, Benzinga, CompaniesMarketCap, FactSet