Ahead of Investor Day, Salesforce’s stock soars on a boost in revenue forecasts for 2022
Ahead of an investor day presentation in San Francisco, Salesforce raised its revenue projection for 2022 to $26.25 billion to $26.356 billion.
Salesforce.com, Inc. (NYSE: CRM) stock rose on Thursday after the cloud and business software company raised its revenue projection for 2022 ahead of its annual investor day conference.
Salesforce expects revenues in the range of $26.25 billion to $26.356 billion for the fiscal year 2022, up slightly from predictions released in August following the company’s second quarter reports. Salesforce has set its sales guidance for 2023 at $31.65 billion to $31.8 billion, with a non-GAAP operating margin of roughly 20%, a 150 basis point increase over its existing prediction for 2022.
Salesforce’s investor day presentation will begin at 8:00 a.m. Pacific Time in San Francisco.
Salesforce shares rose 4.8 percent in early Thursday trade to $271.800 per share, bringing the stock’s year-to-date gain to approximately 22.1 percent.
Salesforce reported stronger-than-expected non-GAAP earnings of $1.48 per share on sales of $6.34 billion in the second quarter last month, and anticipated current-quarter earnings of roughly 92 cents per share.
“Business momentum remains strong across all clouds, customer sizes, and regions. F2Q had strong new business, larger deal sizes, and better revenue retention,” According to Oppenheimer analyst Brian Schwartz, the company has a ‘outperform’ rating and a $290 price target.