Salesforce Inc CRM shares are trading lower Thursday after the company reported second-quarter results and issued guidance below analyst estimates.
Salesforce said fiscal second-quarter revenue jumped 22% year-over-year to $7.72 billion, which beat average analyst estimates of $7.7 billion, according to Benzinga Pro. The cloud company reported quarterly earnings of $1.19 per share, which beat average analyst estimates of $1.02 per share.
Salesforce expects third-quarter revenue to be between $7.82 billion and $7.83 billion versus the estimate of $8.07 billion. The company expects third-quarter adjusted earnings to be between $1.20 and $1.21 per share versus the estimate of $1.29 per share.
Salesforce said it expects full-year revenue to be between $30.9 billion and $31 billion versus the estimate of $31.73 billion. The company expects full-year adjusted earnings to be between $4.71 and $4.73 per share versus the estimate of $4.75 per share.
Salesforce also announced that its board authorized a buyback of up to $10 billion.
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Analyst Assessment: Several analysts cut price targets on the stock following the company's quarterly results.
- Piper Sandler analyst Brent Bracelin maintained Salesforce with an Overweight and lowered the price target from $220 to $200.
- Credit Suisse analyst Phil Winslow maintained Salesforce with an Outperform and lowered the price target from $315 to $250.
- Citigroup analyst Tyler Radke maintained Salesforce with a Neutral and lowered the price target from $189 to $179.
- Barclays analyst Raimo Lenschow maintained Salesforce with an Overweight and lowered the price target from $218 to $202.
- JPMorgan analyst Mark Murphy maintained Salesforce with an Overweight and lowered the price target from $275 to $245.
CRM Price Action: Salesforce has a 52-week high of $256.87 and a 52-week low of $154.55.
The stock was down 7.63% at $166.27 at time of publication.
Photo: courtesy of Salesforce.
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