Salesforce Q1 results: ‘I don’t think the stock will run much higher’

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Salesforce Q1 results: ‘I don’t think the stock will run much higher’ | Invezz

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By:

Wajeeh Khan

on
May 31, 2022

Salesforce reported financial results for the first quarter on Tuesday.

Eugene Profit discussed the earnings report on CNBC’s “Closing Bell”.

Shares of the cloud company are up nearly 8.0% in extended trading.

Salesforce Inc (NYSE: CRM) jumped nearly 8.0% in extended trading on Tuesday after the cloud company reported market-beating results for its fiscal first quarter and raised its full-year guidance for earnings.

Key takeaways from Salesforce Q1 results

Net income printed at $28 million versus the year-ago figure of $469 million.EPS of 3 cents was significantly lower than 50 cents in Q1 of the previous year.On an adjusted basis, per-share earnings came in at 98 cents in the recent quarter.Revenue went up 24% YoY to $7.41 billion, as per the earnings press release.FactSet consensus was for 94 cents of adjusted EPS on $7.38 billion in revenue.

Salesforce had $42 billion worth of remaining performance obligations at the end of its fiscal Q1. The stock is still down more than 30% for the year.


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Future outlook and expert’s remarks

For the full financial year, Salesforce forecasts its adjusted earnings to fall between $4.74 and $4.76. It, however, trimmed its revenue outlook and now expects up to $31.8 billion this year.

In comparison, analysts had called for $4.66 of EPS on $32.06 billion in revenue for fiscal 2023. On CNBC’s “Closing Bell: Overtime”, Profit Investments’ Eugene Profit said:

The stock won’t go down much, but I don’t think it will run much higher either. I like it, valuation is good compared to last year. But I think we need a little bit more macroeconomic stability for it to really take off again.

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