After the market closed on Wednesday, Salesforce (CRM) reported first-quarter earnings that exceeded estimates but fell short on revenue, causing its stock to plummet more than 16% in extended trading. Despite a 44% rise in adjusted earnings to $2.44 per share and an 11% increase in revenue to $9.13 billion, the company's sales growth has slowed, even with recent acquisitions like Slack Technologies and Mulesoft. Analysts had predicted that adjusted earnings would amount to $2.37 per share, with revenue reaching $9.15 billion. Additionally, as reported by Reinhart Krause, Investors Business Daily author, another key financial metric fell. He stated, “Current remaining performance obligations, known as CRPO bookings, missed views. In Q1, CRPO rose 10% to $26.4 billion vs. estimates for 11.9% growth. CRPO bookings are an aggregate of deferred revenue and order backlog.”
Looking ahead, Salesforce's guidance for the current quarter ending in July came in below expectations, with projected revenue ranging from $9.2 billion to $9.25 billion, compared to analyst estimates of $9.345 billion. However, the company raised its full fiscal year adjusted earnings forecast to $9.86 to $9.94 per share from the previous range of $9.68 to $9.76. Despite these figures, investors are eagerly anticipating a boost from artificial intelligence products. Like many software companies, Salesforce has been slow to monetize AI tools, and analysts do not expect revenue growth related to AI product upgrades until fiscal 2026.
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