Salesforce (CRM) Stock Falls 6% on Worse Than Expected Q4 EPS Guidance as Q3 Results Beat

Salesforce (NYSE: CRM) shares were trading nearly 6% lower after-hours following the company’s reported Q3 results, with EPS coming in at $1.27, beating the consensus estimate of $0.92. Quarterly revenue grew 27% year-over-year to $6.86 billion, compared to the consensus estimate of $6.79 billion.

The company provided its Q4/22 outlook, expecting EPS of $0.72-$0.73 (vs. Street’s $0.81) and revenue of $7.224-7.234 billion (vs. Street’s $7.22 billion).

The company raised its 2022 revenue guidance to $26.39-$26.40 billion and reiterated its 2023 revenue guidance of $31.7-$31.8 billion.

According to Marc Benioff, Chair and CEO of Salesforce, the company is on track to reach $50 billion revenue in 2026, with the tremendous strength of its Customer 360 platform and Slack.

You May Also Be Interested In

• Humana (HUM) surges on Q1 beat, reiterated adjusted earnings outlook
• Wabtec (WAB) Tops Q1 EPS by 40c, Beats on Revenue; Offers FY24 Guidance
• Hasbro (HAS) brand strength sees earnings top expectations