What to Expect When Salesforce Reports on Tuesday
Salesforce is scheduled to release its most recent quarterly results after the markets close on Tuesday, and the consensus forecast calls for solid growth on the top and bottom lines.
Salesforce.com Inc. (NYSE: CRM) is scheduled to release its most recent quarterly results after the markets close on Tuesday. The consensus estimates for the fiscal third quarter are $0.50 in earnings per share (EPS) and $3.37 billion in revenue. The same period of last year reportedly had EPS of $0.39 and $2.68 billion in revenue.
In the past quarter, it was announced that Salesforce would be joining forces with Apple Inc. (NASDAQ: AAPL). The two companies are creating a strategic partnership that would redesign the Salesforce app to incorporate new exclusive features with Apple’s new iOS.
The companies are seeking to provide tools and resources for millions of Salesforce developers to build their own native apps with a new Salesforce Mobile SDK for iOS, and a new iOS app development course on Trailhead, Salesforce’s free, web-based learning platform.
The initial focus areas of this strategic partnership include:
- Native Salesforce iOS apps for business
- Empowering Salesforce developers on iOS
- Accelerating developer learning and career growth
[nativounit]
Excluding Monday’s move, Salesforce had outperformed the broad markets, with its stock up about 14% in the past 52 weeks. In just 2018 alone, the stock was up 19%.
A few analysts weighed in on Salesforce ahead of the report:
- Wedbush has an Outperform rating with a $180 price target.
- Piper Jaffray has an Overweight rating and a $160 price target.
- Nomura has a Buy rating with a $181 price target.
- BMO Capital Markets has a Market Perform rating with a $174 target.
- Rosenblatt Securities has a Buy rating with a $178 price target.
Shares of Salesforce were last seen up about 3% at $125.41 on Monday, in a 52-week range of $98.68 to $126.23. The consensus analyst price target is $172.50.
[recirclink id=507043]
[wallst_email_signup]
Contact [email protected] for any questions or corrections.
Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
