Salesforce (NYSE:CRM) is a California-based company that provides Customer Relationship Management (CRM) technology that brings companies and customers together around the world. Shares of this tech stock have jumped 14% month-over-month as of close on Wednesday, November 29. The stock has surged 70% so far in 2023.
Investors who are hungry for exposure to artificial intelligence (AI) development might want to snatch up shares of Salesforce. The company has released services like the AI Sales Cloud, which seeks to empower sales teams with data from any source. It also engages with buyers to improve seller productivity.
The company released its third quarter (Q3) fiscal 2023 earnings on November 29. Salesforce reported third quarter revenue of $8.72 billion – up 11% compared to Q3 2022. Meanwhile, it provided Q4 FY2023 revenue guidance of $9.18 billion to $9.23 billion, which would be up 10% compared to the prior year. GAAP diluted earnings per share (EPS) was reported at $1.25 and non-GAAP diluted EPS of $2.11.
For the full-year fiscal 2024, Salesforce is projecting revenues between $34.75 billion and $34.8 billion. Moreover, it is forecasting non-GAAP EPS between $3.99 and $4.00. Salesforce is projecting operating cash flow growth between 30-33%.
This tech stock is still trading in solid value territory even after delivering strong returns throughout the year. Meanwhile, Salesforce is projecting strong earnings growth going forward. Investors should watch this stock as the AI space gains momentum.