Salesforce has announced today its financial results for the first fiscal quarter 2024. In a public statement, the company has announced that in this period it has registered revenues of 8.25 billion euros , which represents an increase of 11% compared to the previous year. Subscription and support revenue stood at 7.64 billion euros, while revenue from professional and other services reached 610 million euros.
In addition, it has achieved a non-GAAP (based on generally accepted accounting principles) operating margin of 27.6%. Commenting on the results for the first quarter of the year, Salesforce CEO Marc Benioff highlighted the company’s strong performance, stating that “Salesforce significantly exceeded our non-GAAP margin target for the quarter, up 1,000 basis points. compared to the previous year.
The manager has also elaborated on how the company “continues to lead the CRM revolution by incorporating reliable and secure generative artificial intelligence into its product portfolio.” In this sense, he highlighted how Salesforce’s generative AI is already included in products such as Einstein GPT, Slack GPT and Tableau GPT, emphasizing the fact that unlike other companies, the multinational «has developed a trust layer that protects customer data and enables productive automation and intelligent business enhancements in a secure manner.”
The company also returned 2.1 billion euros to shareholders in the form of share buybacks during the first quarter, representing an increase of 22% compared to the previous year.
Regarding future prospects, Salesforce has established revenue forecasts for the second quarter of fiscal year 2024, which is expected to be around 8,500 million euros, which would mean an increase of 10% over the year. former. For the fiscal year as a whole, it offers an estimate of income that would move in a range between 34,500 and 34,700 million.
Despite the good results, the company’s shares fell by more than 2%, since investors have been “disappointed” at a rate of growth that they expected would be higher for the year as a whole.