Q3 Results: Salesforce said third-quarter revenue increased 14% year-over-year to $7.84 billion, which beat average analyst estimates of $7.82 billion, according to Benzinga Pro. The company reported quarterly earnings of $1.40 per share, which beat estimates of $1.21 per share.
"In this time of economic uncertainty, we remain committed to profitable growth and consistent operating margin expansion," said Amy Weaver, president and CFO of Salesforce.
What Else: Taylor will step down as vice chair and co-CEO of Salesforce, effective Jan. 31, 2023. Marc Benioff will remain in his role as chair and transition from co-CEO to the sole chief of the company at that time.
The stock appears to be largely reacting to Taylor's impending departure.
Outlook: Salesforce expects fourth-quarter adjusted earnings to be between $1.35 and $1.37 per share versus average estimates of $1.34 per share. The company sees full-year adjusted earnings between $4.92 and $4.94 per share versus estimates of $4.73 per share.
Analyst Assessment: Several analysts cut price targets following the company's quarterly results.
CRM Price Action: Salesforce shares are down 7.21% at $148.69 at time of publication, according to Benzinga Pro.
Photo: courtesy of Salesforce.
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