Salesforce (CRM - Free Report) is scheduled to report first-quarter fiscal 2024 results on May 31. The cloud-based software maker’s first-quarter performance is likely to have benefited from the robust demand environment as customers are undergoing a major digital transformation.
Click here to know how CRM’s overall fiscal first-quarter results are likely to be.
Cloud Adoption to Boost Q1 Revenues
The rapid adoption of software-as-a-service-based platforms amid the ongoing hybrid working trend is expected to have spurred the demand for Salesforce’s cloud-based solutions. Salesforce’s diverse cloud offerings are likely to have helped expand its clientele, fueling the top line.
Salesforce’s initiatives to capitalize on the overseas demand for cloud-based applications are anticipated to have bolstered the top line during the period in discussion. Further, the improved customer experience is anticipated to have aided the cloud segment.
Salesforce’s ability to provide an integrated solution for customers’ business problems is expected to have been the key driver. CRM’s Customer 360 Truth platform, which helps connect the data from sales, service, marketing and commerce and build a single Salesforce ID for each customer, is likely to have boosted its performance. Also, its focus on AI and the substantial progress in its Einstein Analytics platform make it optimistic about the 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. Further, stiff competition from Oracle and Microsoft is 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).
Some better-ranked stocks from the broader technology sector are Meta Platforms (META - Free Report) , Manhattan Associates (MANH - Free Report) and CrowdStrike (CRWD - Free Report) . While Meta and Manhattan Associates each sport a Zacks Rank #1 (Strong Buy), CrowdStrike carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Meta's second-quarter 2023 earnings has been revised 27 cents northward to $2.87 per share in the past 30 days. For 2023, earnings estimates have been revised 9.9% upward to $12.04 per share in the past 30 days.
Meta’s earnings beat the Zacks Consensus Estimate twice in the preceding four quarters while missing the same on two occasions, the average surprise being 15.5%. Shares of META have surged 117.7% YTD.
The Zacks Consensus Estimate for Manhattan Associates' second-quarter 2023 earnings has been revised upward by a couple of cents to 72 cents per share for the past 60 days. For 2023, earnings estimates have moved upward by 17 cents to $2.87 per share in the past 60 days.
Manhattan Associates' earnings beat the Zacks Consensus Estimate in the preceding four quarters, the average surprise being 33.6%. Shares of MANH have soared 47.6% YTD.
The Zacks Consensus Estimate for CrowdStrike’s first-quarter fiscal 2024 earnings has been revised a penny northward to 50 cents per share in the past 60 days. For fiscal 2024, earnings estimates have been increased to $2.30 per share from $2.26 60 days ago.
CrowdStrike's earnings beat the Zacks Consensus Estimate in the preceding four quarters, the average surprise being 24.4%. Shares of CRWD have rallied 46.4% YTD.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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Salesforce (CRM - Free Report) is scheduled to report first-quarter fiscal 2024 results on May 31. The cloud-based software maker’s first-quarter performance is likely to have benefited from the robust demand environment as customers are undergoing a major digital transformation.
Click here to know how CRM’s overall fiscal first-quarter results are likely to be.
Cloud Adoption to Boost Q1 Revenues
The rapid adoption of software-as-a-service-based platforms amid the ongoing hybrid working trend is expected to have spurred the demand for Salesforce’s cloud-based solutions. Salesforce’s diverse cloud offerings are likely to have helped expand its clientele, fueling the top line.
Salesforce’s initiatives to capitalize on the overseas demand for cloud-based applications are anticipated to have bolstered the top line during the period in discussion. Further, the improved customer experience is anticipated to have aided the cloud segment.
Salesforce’s ability to provide an integrated solution for customers’ business problems is expected to have been the key driver. CRM’s Customer 360 Truth platform, which helps connect the data from sales, service, marketing and commerce and build a single Salesforce ID for each customer, is likely to have boosted its performance. Also, its focus on AI and the substantial progress in its Einstein Analytics platform make it optimistic about the 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. Further, stiff competition from Oracle and Microsoft is 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).
Some better-ranked stocks from the broader technology sector are Meta Platforms (META - Free Report) , Manhattan Associates (MANH - Free Report) and CrowdStrike (CRWD - Free Report) . While Meta and Manhattan Associates each sport a Zacks Rank #1 (Strong Buy), CrowdStrike carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Meta's second-quarter 2023 earnings has been revised 27 cents northward to $2.87 per share in the past 30 days. For 2023, earnings estimates have been revised 9.9% upward to $12.04 per share in the past 30 days.
Meta’s earnings beat the Zacks Consensus Estimate twice in the preceding four quarters while missing the same on two occasions, the average surprise being 15.5%. Shares of META have surged 117.7% YTD.
The Zacks Consensus Estimate for Manhattan Associates' second-quarter 2023 earnings has been revised upward by a couple of cents to 72 cents per share for the past 60 days. For 2023, earnings estimates have moved upward by 17 cents to $2.87 per share in the past 60 days.
Manhattan Associates' earnings beat the Zacks Consensus Estimate in the preceding four quarters, the average surprise being 33.6%. Shares of MANH have soared 47.6% YTD.
The Zacks Consensus Estimate for CrowdStrike’s first-quarter fiscal 2024 earnings has been revised a penny northward to 50 cents per share in the past 60 days. For fiscal 2024, earnings estimates have been increased to $2.30 per share from $2.26 60 days ago.
CrowdStrike's earnings beat the Zacks Consensus Estimate in the preceding four quarters, the average surprise being 24.4%. Shares of CRWD have rallied 46.4% YTD.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
4 Oil Stocks with Massive Upsides
Global demand for oil is through the roof... and oil producers are struggling to keep up. So even though oil prices are well off their recent highs, you can expect big profits from the companies that supply the world with "black gold."
Zacks Investment Research has just released an urgent special report to help you bank on this trend.
In Oil Market on Fire, you'll discover 4 unexpected oil and gas stocks positioned for big gains in the coming weeks and months. You don't want to miss these recommendations.
Download your free report now to see them.
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