Are Salesforce Q3 Earnings Enough For Investors?
Salesforce released its fiscal third-quarter financial results after the markets closed on Thursday. The firm said that it had $0.75 in earnings per share (EPS) and $4.5 billion in revenue, compared with consensus estimates that called for $0.66 in EPS…
Salesforce.com, Inc. (NYSE: CRM | CRM Price Prediction) released fiscal third-quarter financial results after markets closed Thursday. The firm said that it had $0.75 in earnings per share (EPS) and $4.5 billion in revenue, compared with consensus estimates that called for $0.66 in EPS and $4.45 billion in revenue. The same period from last year had $0.61 in EPS and $3.39 billion in revenue.
During the quarter, revenues grew 33% year over year, and 34% in constant currency.
Subscription and support revenues were $4.24 billion, an increase of 34%. Professional services and other revenues increased by 22% to $274 million.
Looking ahead to the fiscal first quarter, the company expects to see EPS in the range of $0.54 to $0.55 and revenue in the range of $4.743 billion to $4.753 billion. Consensus estimates are calling for $0.62 in EPS and $4.72 billion in revenue for the coming quarter.
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Marc Benioff, chairman & co-CEO of Salesforce, commented:
We’re now on track to double our revenue in five years. With Customer 360, only Salesforce is providing companies with a single source of truth, bringing them even closer to their customers across every touchpoint.
Shares of Salesforce closed at $161.56, with a 52-week range of $120.16 to $167.56. The consensus analyst price target is $189.20. Following the announcement, the stock was initially down about 1% at $160.20 in the after-hours session.
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Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics. Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications. A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.
