In an unexpected development that caught Wall Street off guard, Salesforce CEO Marc Benioff announced an upward revision to the company’s earnings forecast, citing robust financial results and the accelerating influence of its artificial intelligence initiatives.
Salesforce reported an 8% year-over-year revenue increase in the third quarter, reaching $9.44 billion, surpassing analyst expectations. Earnings per share (EPS) rose to $1.58, up from $1.25 a year earlier, also beating forecasts.
The company has updated its full-year revenue forecast, now projecting earnings between $37.8 billion and $38 billion an upward revision from the earlier estimate of $37 billion to $38 billion.EPS projections were also increased to $6.15 to $6.20, reflecting confidence in sustained growth.
A significant factor in this optimistic outlook is Salesforce’s investment in artificial intelligence, particularly the introduction of Agentforce, a suite of autonomous AI agents designed to enhance enterprise operations. Since its debut at the Dreamforce event in September, Agentforce has been credited with driving a 30% rise in Salesforce’s stock price.
Benioff emphasized the transformative potential of AI, stating, “Agentforce, our complete AI system for enterprises built into the Salesforce Platform, is at the heart of a groundbreaking transformation.”
Despite broader economic uncertainties, Salesforce’s strategic focus on AI and its robust financial results have positioned the company for continued success. The market responded positively, with Salesforce shares rising 8% in after-hours trading following the earnings announcement.
As of the latest trading session, Salesforce Inc (CRM) shares are priced at $276.03, reflecting the company’s strong market performance.
- Salesforce Inc is a equity in the USA market.
- The price is 276.03 USD currently with a change of -1.09 USD (-0.00%) from the previous close.
- The latest open price was 277.46 USD and the intraday volume is 12758644.
- The intraday high is 293.02 USD and the intraday low is 273.59 USD.
- The latest trade time is Thursday, May 29, 05:19:01 +0500.
