Salesforce (CRM) beat third-quarter earnings estimates, encouraging Wall Street analysts to raise their price targets on Salesforce stock. With generative AI on the radar of many industries, Salesforce's plans for artificial intelligence adoption are being watched closely. Yahoo Finance’s Seana Smith and Brad Smith weigh in on investor responses to these results, alongside Salesforce's own outlook. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Salesforce (CRM) reported better-than-expected third-quarter earnings. The company reported adjusted earnings of $2.11 per share, well above the $2.06 estimate. Revenue of $8.72 billion just barely topped Wall Street expectations of $8.71 billion. Salesforce also issued fourth quarter adjusted earnings guidance of $2.25 to $2.26 per share, compared to an estimate of $2.17. Essex Investment Management Co-CEO Nancy Prial says the company is showing progress on expanding its offerings and raising prices. Prial also notes Salesforce is at "the very beginnings of their entry into really using AI technology and using generative AI to allow their customers to really monetize and get a lot more value out of all of the data that's embedded in their CRM systems." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Salesforce Inc's stock jumped by about 10% on Thursday to a nearly two-year high after the U.S. cloud and business software company reported stellar third quarter results underpinned by strong demand for its services. Salesforce's revenue of $8.72 billion and adjusted profit of $2.11 per share beat Wall Street expectations, the company reported after the closing bell on Wednesday. It also forecast fourth quarter revenue to reach between $9.18 billion and $9.23 billion, and adjusted profit to range from $2.25 to $2.26 per share, higher than analyst estimates.