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Salesforce Shares Jump on Surprise Profit Forecast

admin by admin
March 2, 2023
in Financial Advisory



Salesforce (CRM) shares are surging after the software company beat analyst estimates for earnings and offered a better-than-expected forecast, and said it plans to step up stock buybacks amid pressure from activist investors.

Salesforce revenue jumped 14% to $8.4 billion, beating expectations of 9.2% growth. Profits came in at $1.68 per share, much higher than estimates of $1.36 per share. In January, CEO Marc Benioff said it was cutting 10% of its workforce or about 7,000 employees.

The software company said it expects 2024 fiscal year earnings of up to $7.14 per share and revenue of $34.7 billion. Analysts had been anticipating earnings of $5.84 per share and revenue of $34 billion.

The company also reported that its operating margin will be about 27% in fiscal 2024 through January. That blew away analyst estimates for margins of 22.4% after those steep job cuts. Salesforce also increased its stock buyback program to $20 billion.

At least five activist investors, including Elliott Capital Management and Starboard Value, have disclosed stakes in Salesforce in recent months. The new outlook from Salesforce management suggests that profitability is now a top priority after years of focusing on growth. 

Salesforce shares are up 42% year-to-date and down 10% over the past year.



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