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Salesforce tops Q3 estimates, Co-CEO steps down

2 December 2022 By Klavs Valters

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The world’s leading customer relationship management company Salesforce Inc. (NYSE: CRM) announced its latest financial results after the market close in the US on Wednesday.

The company beat both revenue and earnings per share (EPS) estimates.

Revenue reported at $7.84 billion (up by 14% year-over-year) vs. $7.827 billion expected.

EPS reported at $1.40 per share vs. $1.217 per share estimate.

”We had a solid quarter with revenue of $7.84 billion, up 14% year-over-year or 19% growth in constant currency, and record operating margin,” Marc Benioff, Chair & Co-CEO of the company said in a press release.

”We’re grateful to our customers for their commitment, especially as we help them succeed in this challenging environment. There’s never been a more important time for our customers to connect with their customers in a whole new way,” Benioff added.

Salesforce also announced a departure of company Co-CEO, Bret Taylor.

”I am grateful for six fantastic years at Salesforce,” Taylor said in a statement on the company’s website.

”Marc was my mentor well before I joined Salesforce and the opportunity to partner with him to lead the most important software company in the world is career-defining. After a lot of reflection, I’ve decided to return to my entrepreneurial roots. Salesforce has never been more relevant to customers, and with its best-in-class management team and the company executing on all cylinders, now is the right time for me to step away,” Taylor concluded.

Taylor is set to leave his position on January 31, 2023.

 

The stock was down by around 9% on Thursday, trading at $144.33.

Stock performance

  • 1 Month: -1.86%
  • 3 Month: -6.46%
  • Year-to-date: -43.49%
  • 1 Year: -45.02%

Salesforce price targets

  • Jefferies: $230
  • B of A Securities: $200
  • Canaccord Genuity: $180
  • Truist Securities: $210
  • Cowen & Co.: $195
  • Wedbush: $200
  • Deutsche Bank: $200
  • Barclays: $180
  • Morgan Stanley: $250
  • BMO Capital: $172
  • JP Morgan: $200

Salesforce Inc. is the 78th largest company in the world with a market cap of $143.57 billion.

You can trade Salesforce Inc. (NYSE: CRM) and many other stocks from the NYSE, NASDAQ, HKEX and the ASX with GO Markets as a Share CFD.

Sources: Salesforce Inc., TradingView, MarketWatch, Benzinga, CompaniesMarketCap

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Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice.