Salesforce (NYSE:CRM) had an outstanding Q2, with revenue of $8.6B and adjusted earnings per share of $2.12. This exceeded analysts’ expectations of $1.90 per share on $8.53B in revenue. The company also saw a 12% year-over-year increase in current remaining performance obligations, reaching $24.1B. After-hours trading saw a 6% surge in Salesforce shares.
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Management’s updated fiscal 2024 projections point towards an anticipated sales range of $34.7B to $34.8B, marking an approximated 11% growth year-over-year. The company also increased its full-year operating and adjusted operating margin guidance to about 13.3% and 30%, respectively. As they march into Q3, Salesforce anticipates sales growth of nearly 11% year-over-year, falling between $8.7B and $8.72B.
Turning to Wall Street, analysts have a Moderate Buy consensus rating on CRM stock based on 18 Buys, 10 Holds, and one Sell assigned in the past three months, as indicated by the graphic above. Nevertheless, the average price target of $235.95 per share implies 9.6% upside potential.
