Cloud-based software maker Salesforce (CRM) is set to announce its fiscal year 2024 first quarter results on May 31. The company’s strong demand environment and customers’ digital transformations are expected to drive its first-quarter performance.
The ongoing hybrid work trend pushes the rapid adoption of software-as-a-service platforms and this is expected to have spurred the demand for Salesforce’s cloud-based solutions. During the period in discussion, Salesforce’s varied cloud offerings are likely to have helped expand its clientele.
The company’s ability to provide an integrated solution for customers’ business problems is expected to drive its performance. CRM’s Customer 360 Truth platform is anticipated to have boosted its Q1 fiscal year 2024 results. Its focus on AI and considerable progress in its Einstein Analytics platform suggests an optimistic outlook for Salesforce’s upcoming quarterly results.
However, a decline in software spending by small and medium businesses amid ongoing macroeconomic headwinds and geopolitical issues might have affected Salesforce’s fiscal first-quarter performance. Additionally, stiff competition from Oracle and Microsoft poses a concern, along with forex headwinds.
Zacks Rank & Stocks to Consider
Salesforce currently carries a Zacks Rank #3 (Hold). Shares of CRM have soared 62.5% year to date (YTD).
Better-ranked stocks from the broader technology sector include Meta Platforms (META), Manhattan Associates (MANH), and CrowdStrike (CRWD). While Meta and Manhattan Associates each sport a Zacks Rank #1 (Strong Buy), CrowdStrike carries a Zacks Rank #2 (Buy). The Zacks Consensus Estimate for Meta’s and Manhattan Associates’ earnings has been revised upward in the past 30 and 60 days, respectively. All three companies have a track record of beating the Zacks Consensus Estimate in the past four quarters, which is a positive sign.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Conclusion
Salesforce’s strong demand environment and focus on innovation and customer experience are expected to drive its Q1 earnings. However, ongoing macroeconomic headwinds and competition from rivals pose a concern. Click here to read the full article on Zacks.com
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
