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Apr 30, 2023
Salesforce Q1 2024 Earnings Report
Salesforce's Q1 2024 earnings exceeded expectations, driven by strong revenue growth and significant margin expansion.
Key Takeaways
Salesforce reported strong first-quarter results for fiscal year 2024, with revenue reaching $8.25 billion, an 11% increase year-over-year. The company's GAAP operating margin was 5.0%, while the non-GAAP operating margin was 27.6%. GAAP EPS was $0.20, and non-GAAP EPS was $1.69. Salesforce also returned $2.1 billion to stockholders through share repurchases.
Revenue reached $8.25 billion, up 11% year-over-year.
GAAP operating margin was 5.0%, and non-GAAP operating margin was 27.6%.
GAAP EPS was $0.20, and non-GAAP EPS was $1.69.
Current remaining performance obligation was $24.1 billion, up 12% year-over-year.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Salesforce initiated its second quarter GAAP and non-GAAP EPS guidance, current remaining performance obligation growth guidance, and revenue guidance. The Company is reiterating its full year FY24 revenue guidance and updating its GAAP and non-GAAP EPS guidance, GAAP and non-GAAP operating margin guidance, and operating cash flow guidance.
Positive Outlook
- Second Quarter FY24 Revenue Guidance of $8.51 Billion to $8.53 Billion, up ~10% Y/Y
- Reiterates Full Year FY24 Revenue Guidance of $34.5 Billion to $34.7 Billion, up ~10% Y/Y
- Raises Full Year FY24 GAAP Operating Margin Guidance to ~11.4%
- Raises Full Year FY24 Non-GAAP Operating Margin Guidance to ~28.0%
- Second Quarter FY24 Non-GAAP Earnings per Share of $1.89 - $1.90
Challenges Ahead
- Operating Cash Flow Growth guidance includes an estimated 14% - 16% headwind associated with charges from restructuring.
- Our guidance assumes no change to the value of the Company's strategic investment portfolio as it is not possible to forecast future gains and losses.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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