Reportedly, On May 31, Salesforce (CRM) released their Q1 earnings ending April 30, raising its full-year adjusted profit forecast. The company informed that there is a strong demand for its software from companies looking to improve efficiencies and incorporate modern-day workflows, including hybrid work, despite four-decade high inflation and tapering consumer demand.
Salesforce increased its adjusted profit estimate for the fiscal year ending January 2023 to $4.75 per share from its prior forecast of $4.63. However, the company marginally lowered its revenue forecast for the year to $31.7 billion – $31.8 billion, from its earlier forecast of $32 billion to $32.1 billion, due to forced foreign exchange headwinds.
Revenue in the first quarter ending April 30 increased 24% to $7.41 billion from a year earlier, exceeding the average estimate of $7.38 billion. Net income dropped to $28 million from $469 million.
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