Salesforce Stock Price Surges on Strong Earnings Beat
CRM Stock Jumps 5% After Reporting Q3 Results
Key Points
- Salesforce reported stronger-than-expected Q3 earnings, with EPS of $1.21 beating estimates by $0.06.
- Revenue grew 20% year-over-year to $7.9 billion, slightly above consensus expectations.
- The company raised its full-year earnings guidance, now expecting EPS of $4.83-$4.85, up from $4.74-$4.79 previously.
Salesforce Inc.'s (CRM) stock price surged in pre-market trading on Wednesday after the company reported strong third-quarter earnings results that beat analyst expectations.
The company's earnings per share (EPS) came in at $1.21, surpassing the consensus estimate of $1.15. Revenue for the quarter totaled $7.9 billion, slightly above the consensus estimate of $7.86 billion and representing a 20% increase year-over-year.
Salesforce also raised its full-year earnings guidance, now expecting EPS of $4.83-$4.85, up from $4.74-$4.79 previously. The company attributed the strong results to continued demand for its cloud-based software solutions, particularly in the areas of customer relationship management (CRM) and sales automation.
Investors cheered the news, sending CRM stock up by over 5% in pre-market trading. The stock's strong performance suggests that investors remain confident in Salesforce's long-term growth prospects despite the recent market volatility.
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