Salesforce Beats Estimates On Strong AI Portfolio
Salesforce released its quarterly results, beating analyst estimates on its strong AI portfolio.
Salesforce may not be the first company many think of when it comes to AI, but the company has been steadily building a strong presence in the market, billing itself as “the #1 AI CRM.”
The company released its quarterly results, with AI helping it surge past expectations.
- Quarterly revenue came in at $8.6 billion, an 11% increase year-over-year.
- Earnings per Share came in at $2.12, beating estimates of $1.90.
- Operating margin was 31.6%, beating estimates of 28.2%.
- Free cash flow was $630 million, up 379% year-over-year.
“Our transformation drove our strong second quarter results, delivering revenue of $8.6 billion and record GAAP and non-GAAP operating margins,” said Marc Benioff, Chair and CEO of Salesforce. “Based on our performance and what we see in the back half of the year, we’re raising our fiscal year ‘24 revenue, operating margin, and operating cash flow growth guidance. As the #1 AI CRM, with industry-leading clouds, Einstein, Data Cloud, MuleSoft, Slack and Tableau, all integrated on one trusted, unified platform, we’re leading our customers into the new AI era.”
“We continue to execute against our profitable growth framework, delivering 17.2% GAAP operating margin and 31.6% non-GAAP operating margin — exceeding our target three quarters early,” said Amy Weaver, President and CFO of Salesforce. “We are accelerating our transformation and continue to drive strong shareholder value.”
