Salesforce Corp CRM shares are on the rise Thursday, potentially influenced by ServiceNow Inc.’s NOW second-quarter earnings report. Here’s what you need to know.
What Happened: Significant options trading for Salesforce suggests mixed investor sentiment, with 40% bullish and 45% bearish activity. Analysts project Salesforce's price range to be between $195.00 and $290.00.
On the other hand, ServiceNow’s earnings were driven by strong U.S. federal business and AI software adoption. ServiceNow reported $2.63 billion in revenue, surpassing the consensus estimate of $2.61 billion.
The company also exceeded earnings expectations with EPS that outperformed analysts’ projections. This strong performance has boosted ServiceNow’s shares by 6.04% to $775.00 and appears to be positively impacting Salesforce.
Why It Matters: ServiceNow’s and Salesforce's expansion into AI-driven customer support solutions highlights increasing competition between the two companies.
Both companies are leveraging AI to enhance customer service and business operations, positioning them as leading rivals in the customer relationship management and enterprise software market. This competition is set to shape the future of AI in customer support, impacting both companies’ market positions and investor interests.
CRM Price Action: Salesforce shares were up by 3.05% at $257.40 according to Benzinga Pro.
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