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Salesforce (CRM) earnings Q3 2023

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Salesforce cofounder and co-CEO Marc Benioff speaks throughout the grand opening of the Salesforce Tower, the tallest constructing in San Francisco, Calif., Tuesday, May 22, 2018.

Karl Mondon | Bay Area News Group | Getty Images

Salesforce reported earnings and revenue on Wednesday that beat analyst expectations. It also announced that co-CEO Bret Taylor is stepping down. CEO and Salesforce co-founder Marc Benioff will the be sole person answerable for the corporate.

Salesforce stock fell over 6% in prolonged trading.

Here’s how the corporate did versus Refinitiv consensus estimates for the quarter ending in October:

  • EPS: $1.40, adjusted, versus $1.21 expected by analysts
  • Revenue: $7.84 billion versus $7.82 billion expected by analysts

Salesforce said it expected between $7.9 billion to $8.03 billion in revenue in the corporate’s fourth fiscal quarter, lower on the midpoint than analyst expectations of $8.02 billion in sales within the fourth quarter. The corporate also said it will take a $900 million hit in sales due to foreign currency effects.

Salesforce’s total revenue increased 14% year-over-year. Last quarter, Salesforce trimmed its year-end estimates for each revenue and earnings, citing a weaker economic cycle. It reaffirmed those estimates on Wednesday.

Salesforce said that its operating money flow got here in at $313 million for the quarter, which was a decrease of 23% year-over-year.

Subscription and support revenue, which incorporates the corporate’s flagship Sales Cloud software and comprises the vast majority of the corporate’s sales, got here in at $7.23 billion, which was up 13% year-over-year.

The Platform and Other category that features Slack reported $1.51 billion in sales, an 18% increase year-over-year.

Salesforce spent $1.7 billion on share repurchases throughout the quarter, the corporate said.

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