Salesforce Inc (NYSE:CRM, ETR:FOO) shares fell more than 16% after Wednesday’s closing bell as its guidance for the current quarter fell short of expectations, overshadowing a profit beat for the first quarter.
The customer relationship management software provider expects Q2 revenue in the range of $9.2 billion to $9.25 billion and adjusted earnings per share (EPS) between $2.34 to $2.36, below the $9.32 billion and $2.40, respectively, analysts had expected.
For the first quarter, ended April 30, 2024, revenue narrowly missed estimates of $9.14 billion at $9.13 billion, up 11% year-over-year.
Subscription and Support revenue rose 12% from the year-ago quarter to $8.59 billion.
EPS was of $2.44, ahead of the $2.38 expected by Wall Street analysts.
Salesforce share tumbled 16.2% to about $227 afterhours.