Salesforce surpasses projections in Q1 2024 and raises full-year guidance.

Salesforce Inc (NYSE: CRM) exceeded the expectations of analysts in its fiscal Q1 2024 financial performance, with earnings of $1.69 per share. As earnings were approximately $0.08 higher than estimated, the software company also reported better-than-expected revenue for the fiscal quarter. Salesforce reported $8.25 billion in revenue for the fiscal Q1 2024, while analysts predicted $8.18 billion.

Salesforce Records Impressive Figures in Fiscal Q1 2024

According to the quarterly report, the company’s revenue for the quarter grew 11% compared to the previous year. While subscription and support revenues for the quarter were up 11% YoY to $7.64 billion, professional services and other revenue gained 9% year-over-year to $0.61 billion. The President and Chief Financial Officer of Salesforce, Amy Weaver, said the Q1 2024 performance represents another step forward. She said the team worked hard to deliver “another double-digit growth” in the quarter, referring to the previous quarter’s strong results. The CFO commended the quarterly report, noting that the company is committed to increasing its customers’ productivity. Weaver also said the team would continually work towards driving efficiency and becoming AI-first companies.

In addition to the high revenue and earnings per share in fiscal Q1 2024, Salesforce also recorded smooth cash flow. The cash generated from operation during the three months was $4.49 billion. Notably, Salesforce recorded $243 million for capital expenditures in fiscal Q1 2024. This is a growth of about 36% and more than the $205 million analysts’ consensus.

Furthermore, Chair and CEO of Salesforce Marc Benioff noted that the company significantly exceeded its non-GAAP margin target for fiscal Q1 2024. Also, he announced the raising of full-year earnings guidance.

“We are raising our FY24 non-GAAP operating margin guidance to a 550 basis point increase year-over-year. At the same time, we are leading the next major revolution in CRM – infusing trusted, secure generative AI across our entire product portfolio. Salesforce’s generative AI ecosystem wields Einstein GPT, Slack GPT, and Tableau GPT, delivering trusted power across our product portfolio. Our Salesforce GPT Trust Layer will shield customer data, enabling productive automation and intelligent enterprise enhancements securely.”

Salesforce’s Full-Year Guidance on Earnings and Revenue

Although it raised its earnings forecast for FY24, the revenue prediction remains intact. Looking forward, Salesforce expects adjusted EPS for the fiscal year to be between $7.41 and $7.43 billion. Also, the revenue forecast for the same period is between $34.5 billion and $34.7 billion. The company had earlier projected $7.12 to $7.14 for adjusted earnings per share.

While on a conference call with analysts, COO Brian Millham mentioned the delta with closing deals. Hence, the company is working on an automated selling process on the low end of the market, making its sales personnel more productive.

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!


Was this article helpful?

93 out of 132 found this helpful

Discover more


Roblox Embraces the Ripple Revolution: XRP as a Game-Changer for In-Game Purchases

Exciting news for gamers! Popular platform Roblox now accepts Ripple (XRP) for in-game transactions, making it a firs...


Bitcoin chart shows $24.7K, analyst claims no changes.

Bitcoin analysis predicts a bullish scenario with a potential BTC price target.


LBRY challenges ruling on US Securities Law violation

The cryptocurrency firm LBRY has exciting news to share as it plans to appeal a previous court finding in New Hampshi...


AAVE holders vote on converting 1,600ETH into rETH and wstETH, causing AAVE to rise.

AAVE's Bull Run has gained momentum as AAVE holders vote on a governance proposal titled Treasury Management - Acquir...


The Explosive Start of Bitcoin ETFs

The recently launched Bitcoin ETFs have already attracted $1.4 billion in inflows in just two trading sessions. This ...


Emergence from the Crypt: Core Scientific’s Plan to Unlock its Future

In a recent podcast, CEO Adam Sullivan shared Core Scientific's plan to emerge from Chapter 11 bankruptcy, offering v...