Salesforce issued a disappointing forecast in its quarterly earnings report on Wednesday.
shares plummeted as much as 17% in extended trading on Wednesday after the cloud software vendor reported weaker-than-expected revenue and issued guidance that trailed Wall Street's expectations.Salesforce called for adjusted earnings per share in the current quarter of $2.34 to $2.36 on $9.2 billion to $9.25 billion in revenue. Analysts surveyed by LSEG had expected $2.40 in adjusted earnings per share on $9.37 billion in revenue.
Revenue in the fiscal first quarter, which ended April 30, increased 11% from $8.25 billion a year earlier, Salesforce said in aAll five of Salesforce's product areas contributed to the growth. But revenue from the Professional Services and Other category, at $548 million, was down 9% and under the StreetAccount consensus of $572.9 million.Net income jumped to $1.53 billion, or $1.56 per share, from $199 million, or 20 cents per share a year ago.
Salesforce lifted its earnings forecast for the 2025 fiscal year. The company now expects adjusted earnings of $9.86 to $9.94 per share, compared with $9.68 to $9.76 three months ago. Its revenue guidance remains at $37.7 billion to $38 billion. Analysts polled by LSEG were looking for $9.76 in adjusted earnings per share and $38.08 billion in revenue.Before the after-hours move, Salesforce shares were up 3.
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