Marc Benioff, CEO of Salesforce, appears on a panel at the World Economic Forum in Davos, Switzerland, on Jan. 18, 2024.
Stefan Wermuth | Bloomberg | Getty Images
Salesforce shares plummeted 16% in extended trading on Wednesday after the cloud software vendor reported weaker-than-expected revenue and issued guidance that trailed Wall Street’s expectations.
Here’s how the company did, compared with the LSEG consensus:
- Earnings: $2.44 per share, adjusted, vs. $2.38 per share expected
- Revenue: $9.13 billion, vs. $9.17 billion expected
Salesforce called for adjusted earnings per share in the current quarter of $2.34 to $2.36 on $9.2 billion to $9.25 billion in revenue. Analysts surveyed by LSEG had expected $2.40 in adjusted earnings per share on $9.37 billion in revenue.
Revenue in the fiscal first quarter, which ended April 30, increased 11% from $8.25 billion a year earlier, Salesforce said in a statement. Net income jumped to $1.53 billion, or $1.56 per share, from $199 million, or 20 cents per share a year ago.
Executives will discuss the results with analysts on a conference call starting at 5 p.m. ET.
This is breaking news. Please check back for updates.
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