Salesforce, Inc. (CRM) NYSE – Nasdaq is a cloud-based software company that provides customer relationship management (CRM) services to businesses.
After the market closed on Wednesday, the manufacturer of corporate software released Q4 earnings. Besides that, Salesforce disclosed a larger CRM stock buyback.
Salesforce’s (CRM) shares increased after the company reported fourth-quarter earnings that exceeded expectations and revenue guidance that exceeded forecasts. In response to increasing pressure from activist investors, Salesforce announced that its “M&A committee” has been disbanded and that it will no longer make significant acquisitions.
Salesforce stock has increased in value in 2023 despite its sluggish growth as activist investors pursue the tech business. Increasing business investment in digital transformation initiatives continues to be positive for Salesforce stock. Yet it’s possible that Salesforce’s days of making significant purchases, like its purchase of Slack Technologies, are finished.
Salesforce reported a GAAP net loss of $0.31 per share for the third quarter of fiscal year 2022, compared to a GAAP net loss of $1.75 per share for the same period in the previous year. Overall, the earnings report showed robust growth in revenue for Salesforce, indicating the continued success of their cloud-based CRM services.
Back on December 1, 2021, Salesforce reported total revenue of $6.84 billion for the third quarter of fiscal year 2022, which ended on October 31, 2021. This represents an increase of 25% year-over-year.
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