Shares of Salesforce (NYSE: CRM) fell over 5% in after-hours trading after the company reported earnings for its third quarter of Fiscal Year 2023. Earnings per share came in at $1.40, which beat analysts’ consensus estimate of $1.22 per share.
Sales increased by 14.3% year-over-year, with revenue hitting $7.84 billion. This beat analysts’ expectations of $7.834 billion.
Looking forward, management now expects revenue and adjusted earnings per share for Q4 2023 to be in the ranges of $7.932 billion to $8.032 billion and $1.35 to $1.37, respectively. For reference, analysts were expecting $8.042 billion in revenue along with an adjusted EPS of $1.35.
Overall, Wall Street has a consensus price target of $212.07 on CRM stock, implying 32.59% upside potential, as indicated by the graphic above.
