Salesforce slumps in afterhours trading as guidance falls short of estimates
Investing.com -- Salesforce reported Wednesday guidance for the current quarter that fell well short of analyst estimates and offset fiscal first-quarter earnings that beat Wall Street forecasts.
Salesforce Inc (NYSE: CRM) shares fell 14% in after-hours trade following the report.
Fiscal second-quarter adjusted EPS was expected in a range of $2.44 to $2.36 on revenue of between $9.20B and $9.25B, missing Wall Street estimates of $2.40 and $9.34B, respectively.
Salesforce.com reported adjusted EPS of $2.44 on revenue of $9.13 billion. Analysts polled by Investing.com anticipated EPS of $2.37 on revenue of $9.15B.
Subscription and support revenues for the quarter were $8.59B, an increase of 12% year-over-year. Professional services and other revenues for the quarter were $600M, an increase of 3% year-over-year.
Looking ahead to the full-year 2024, the company maintained its revenue guidance in a range of $37.7B to $38.0B and adjusted earnings of $9.86 to $9.94 per share.