Shares of Salesforce (NYSE:CRM) lost substantially in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2024. Earnings per share came in at $1.69, which beat analysts’ consensus estimate of $1.62 per share. Sales increased by 11.3% year-over-year, with revenue hitting $8.25 billion. This beat analysts’ expectations of $8.17 billion.
Salesforce noted that its Current Remaining Performance Obligation stood at $24.1 billion. That’s up 12% against this time last year on a constant currency basis. Meanwhile, it also returned $2.1 billion to stockholders in the first quarter, thanks to a share buyback plan.
Further, Salesforce management offered up some guidance as well. For the second quarter, Salesforce looks for earnings per share between $1.89 and $1.90 against analyst projections calling for $1.71. Meanwhile, revenue is expected between $8.51 billion and $8.53 billion, also readily beating analyst projections of $8.49 billion. Salesforce maintained its projections for the full-year 2024 earnings and revenue figures as well.
Overall, Wall Street has a consensus price target of $229.03 on Salesforce, implying 3.62% upside potential, as indicated by the graphic above.
