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Salesforce Inc. (CRM) stock rose 2.5% in premarket trading on Monday, after the company announced better-than-expected earnings and revenue for the fourth quarter of fiscal 2023.
The customer relationship management (CRM) software provider reported earnings per share of $1.21, beating analysts' estimates by $0.04. Revenue for the quarter came in at $8.38 billion, also ahead of expectations.
Key Metrics
Here are some key metrics from Salesforce's fourth-quarter earnings report:
* Revenue: $8.38 billion, up 14% year-over-year * Earnings per share: $1.21, up 18% year-over-year * Operating cash flow: $4.1 billion, up 15% year-over-year * Free cash flow: $3.6 billion, up 17% year-over-year
Salesforce also announced a new share repurchase program, authorizing the company to buy back up to $10 billion of its own shares.
Analysts' Outlook
Analysts are generally positive on Salesforce's stock, with many expecting the company to continue to benefit from the growing demand for CRM software.
According to consensus estimates, Salesforce is expected to earn $6.43 per share in fiscal 2024, up from $5.86 in fiscal 2023. Revenue is expected to grow 16% in fiscal 2024, to $35.5 billion.
Salesforce is a leading provider of CRM software, and its stock is a popular choice among investors looking for growth stocks. The company's recent earnings report shows that it is continuing to execute well and that its business is growing rapidly.
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