Salesforce Announces Strong Q1 Fiscal 2024 Results
Revenue Growth and Strong Earnings
Salesforce (NYSE: CRM), a global leader in customer relationship management (CRM), today announced its financial results for the first quarter of fiscal 2024, which ended on April 30, 2023. The company reported strong revenue growth and profitability.
Key Financial Metrics
Total revenue for the quarter was $8.02 billion, an increase of 14% year-over-year (YoY). Subscription and support revenues accounted for $7.79 billion of the total, up 14% YoY. Professional services and other revenues were $0.60 billion, an increase of 18% YoY.
Net income for the quarter was $1.21 billion, a 12% increase YoY. Diluted earnings per share (EPS) were $1.01, an increase of 10% YoY.
Outlook
For the second quarter of fiscal 2024, Salesforce expects revenue to be in the range of $8.08 billion to $8.10 billion, an increase of approximately 14% YoY. The company also expects non-GAAP EPS to be in the range of $1.02 to $1.03.
For the full fiscal year 2024, Salesforce expects revenue to be in the range of $32.1 billion to $32.2 billion, representing growth of approximately 14%. The company also expects non-GAAP EPS to be in the range of $4.74 to $4.76.
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