• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Home Earnings

Salesforce Reports Better-than-expected Earnings Results But Shares Decline On Weak Guidance And Co-CEO Bret Taylor’s Decision To Step Down

Ibhadojemu Emmanuel by Ibhadojemu Emmanuel
December 1, 2022
in Earnings
Share on FacebookShare on Twitter

 

Salesforce reported better-than-expected earnings and revenue on Wednesday. The company’s shares, however, declined 6 percent in extended trading on weak guidance for the ongoing quarter and co-CEO Bret Taylor’s decision to step down from his position. 

The company’s founder and co-CEO Marc Benioff will now hold the position of CEO and solely be in charge of the software company. For the third quarter, adjusted earnings per share came in at $1.40, beating analysts estimate of $1.21 per share, according to Refinitiv. Revenue for the third quarter came in at $7.84 billion, slightly beating analysts’ estimate of $7.82 billion, according to Refinitiv.  

For the fiscal third quarter, the company expects revenue to come in the range of $7.9 billion to 48.03 billion. The midpoint of this range is lower than analysts’ estimate of $8.02 billion expected for the fiscal fourth quarter. Salesforce also expects to take a hit of $900 million in sales as a result of the challenges brought about by foreign exchange. 

Total revenue was up 14 percent year-over-year. The company had, in the second quarter reduced its year-end estimate for both revenue and earnings. It cited a weaker economic cycle and this became apparent in its latest quarterly report. 

The company reported a decrease of 23 percent year-over-over in its operating cash flow which came in at $313 million. 

The company’s subscription and support revenue category which makes up most of the company sales reported revenue of $7.23 billion. This segment houses the company’s flagship Sales Cloud software. 

Salesforce’s The Platform and Other category which houses Slack reported revenue of $1.51 billion, up 18 percent year-over-year. During the quarter, the company said it spent $1.7 billion repurchasing shares. 

Related Posts:

  • Salesforce Reports Impressive Quarterly Results Alongside Weak Guidance For The Current Quarter And The Fiscal Full Year
    Salesforce Reports Impressive Quarterly Results…
  • Snowflake_Booth_WC_0294e9a31a
    Snowflake Reports Impressive Third Quarter, Shares…
  • PayPal Reports Impressive Third-quarter Earnings Alongside Weak Fourth-quarter Guidance
    PayPal Reports Impressive Third-quarter Earnings…
  • Cisco Reports Fiscal Fourth Quarter Earnings Results, Issues Better-than-expected Guidance For Its Full 2023 Fiscal Year
    Cisco Reports Fiscal Fourth Quarter Earnings…
  • lenovo-yoga-book-feature-awesome-specs-android
    Apple Reports Impressive Fiscal Third Quarter…
  • Qualcomm Reports Impressive Quarterly Results Alongside Weak Fourth-quarter Guidance
    Qualcomm Reports Impressive Quarterly Results…
  • Etsy Surpasses Second Quarter Estimates, Shares Soar More Than 15 Percent
    Etsy Surpasses Second Quarter Estimates, Shares Soar…
  • Cisco Issues Impressive First Quarter Earnings Results And Strong Outlook For Fiscal 2023
    Cisco Issues Impressive First Quarter Earnings…

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Tags: earningssalesforce
Ibhadojemu Emmanuel

Ibhadojemu Emmanuel

Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • DOJ Reportedly Investigates Google’s Character.AI Partnership May 23, 2025
    • Sony Organises A PlayStation Event for June; A State of Play May 23, 2025
    • Microsoft’s New AI features in Notepad, Paint, & Snipping Tool Test Trials May 23, 2025
    • Bluesky Starts Confirming “Notable” Users May 23, 2025
    • Affiniti Raises $17M for AI-Powered Small Business Finance May 22, 2025
    • Absolute Zero’ AI Achieves Top-Level Reasoning Without Human Data May 22, 2025

    Browse Archives

    May 2025
    MTWTFSS
     1234
    567891011
    12131415161718
    19202122232425
    262728293031 
    « Apr    

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy

    Recent News

    DOJ Reportedly Investigates Google’s Character.AI Partnership

    DOJ Reportedly Investigates Google’s Character.AI Partnership

    May 23, 2025
    Sony Organises A PlayStation Event for June; A State of Play

    Sony Organises A PlayStation Event for June; A State of Play

    May 23, 2025
    Microsoft’s New AI features in Notepad, Paint, & Snipping Tool Test Trials

    Microsoft’s New AI features in Notepad, Paint, & Snipping Tool Test Trials

    May 23, 2025
    Bluesky Starts Confirming “Notable” Users

    Bluesky Starts Confirming “Notable” Users

    May 23, 2025
    Affiniti Raises $17M for AI-Powered Small Business Finance

    Affiniti Raises $17M for AI-Powered Small Business Finance

    May 22, 2025
    Absolute Zero’ AI Achieves Top-Level Reasoning Without Human Data

    Absolute Zero’ AI Achieves Top-Level Reasoning Without Human Data

    May 22, 2025
    • Login

    © 2021 Design By Tech Booky Elite

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2021 Design By Tech Booky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok