Salesforce Lifts Q1, FY Revenue Outlook; Shares Up

(RTTNews) - While reporting its results for the fourth quarter on Tuesday, Salesforce (CRM) lifted its revenue outlook for the first quarter and full year 2023. Shares of Salesforce gained nearly 4% in extended trading hours.

Looking forward to the first quarter, the company now expects revenues of $7.37 billion to $7.38 billion and adjusted earnings of $0.93 to $0.94 per share. This compares to previous estimate of revenues of $7.215 billion to $7.250 billion. Analysts polled by Thomson Reuters currently estimate revenues of $7.26 billion and earnings of $0.99 per share.

For the full year 2023, the company now expects revenues of $32.0 billion to $32.1 billion and adjusted earnings of $4.62 to $4.64 per share. Previously, the company had expected revenues of $31.7 billion to $31.8 billion. Analysts currently estimate earnings of $4.74 per share and revenues of $31.78 billion.

Marc Benioff, Chair and Co-CEO of Salesforce, said, "As we continue to see tremendous demand from customers, we're raising our FY23 revenue guidance to $32.1 billion at the high-end of range, with non-GAAP operating margin of 20%, and operating cash flow growth of 22% year-over-year."