Salesforce issued a disappointing forecast in its quarterly earnings report on Wednesday.
Revenue grew 11% from a year earlier, missing estimates.Marc Benioff, CEO of Salesforce, appears on a panel at the World Economic Forum in Davos, Switzerland, on Jan. 18, 2024.shares plummeted 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.$2.44 per share, adjusted, vs. $2.38 per share expectedSalesforce called for adjusted earnings per share in the current quarter of $2.
Revenue in the fiscal first quarter, which ended April 30, increased 11% from $8.25 billion a year earlier, Salesforce said in a. 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.
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