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Rapid Cloud Adoption to Drive Salesforce's (CRM) Q4 Earnings
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Salesforce (CRM - Free Report) is slated to report fourth-quarter fiscal 2023 results on Mar 1. The cloud-based software maker’s fourth-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 fourth-quarter results are likely to be.
Cloud Adoption to Aid Q4 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 the macroeconomic uncertainty due to the pandemic and the ongoing Russia-Ukraine war might have affected Salesforce’s fiscal fourth-quarter performance. Further, stiff competition from Oracle and Microsoft is a concern, along with forex headwinds.
Zacks Rank & Other Stocks to Consider
Salesforce currently carries a Zacks Rank #2 (Buy). Shares of CRM have declined 21.9% over the past year.
The Zacks Consensus Estimate for Clarivate’s fourth-quarter 2022 earnings has remained unchanged at 17 cents per share over the past 60 days. For 2022, earnings estimates have been revised a penny northward to 81 cents per share in the past 60 days.
Clarivate's earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 9.4%. Shares of CLVT have fallen 29.3% in the trailing 12 months.
The Zacks Consensus Estimate for Aspen Technology's third-quarter fiscal 2023 earnings has been revised upward by 4 cents to $1.66 per share in the past 30 days. For fiscal 2023, earnings estimates have been revised northward by 8 cents to $7.10 per share in the past 30 days.
Aspen Technology’s earnings beat the Zacks Consensus Estimate thrice in the preceding four quarters while missing the same on one occasion, the average surprise being 5.2%. Shares of AZPN have gained 41.3% over the past year.
The Zacks Consensus Estimate for ServiceNow's first-quarter 2023 earnings has been revised southward by a penny to $2.02 per share over the past 30 days. For 2023, earnings estimates have moved upward by 11 cents to $9.18 per share in the past 30 days.
ServiceNow's earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 6.9%. Shares of NOW have plunged 25% in the trailing 12 months.
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Rapid Cloud Adoption to Drive Salesforce's (CRM) Q4 Earnings
Salesforce (CRM - Free Report) is slated to report fourth-quarter fiscal 2023 results on Mar 1. The cloud-based software maker’s fourth-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 fourth-quarter results are likely to be.
Cloud Adoption to Aid Q4 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 Inc. Price and EPS Surprise
Salesforce Inc. price-eps-surprise | Salesforce Inc. Quote
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 the macroeconomic uncertainty due to the pandemic and the ongoing Russia-Ukraine war might have affected Salesforce’s fiscal fourth-quarter performance. Further, stiff competition from Oracle and Microsoft is a concern, along with forex headwinds.
Zacks Rank & Other Stocks to Consider
Salesforce currently carries a Zacks Rank #2 (Buy). Shares of CRM have declined 21.9% over the past year.
Some other top-ranked stocks from the broader technology sector are Clarivate Plc (CLVT - Free Report) , Aspen Technology (AZPN - Free Report) and ServiceNow (NOW - Free Report) , each carrying a Zacks Rank #2 at present. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Clarivate’s fourth-quarter 2022 earnings has remained unchanged at 17 cents per share over the past 60 days. For 2022, earnings estimates have been revised a penny northward to 81 cents per share in the past 60 days.
Clarivate's earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 9.4%. Shares of CLVT have fallen 29.3% in the trailing 12 months.
The Zacks Consensus Estimate for Aspen Technology's third-quarter fiscal 2023 earnings has been revised upward by 4 cents to $1.66 per share in the past 30 days. For fiscal 2023, earnings estimates have been revised northward by 8 cents to $7.10 per share in the past 30 days.
Aspen Technology’s earnings beat the Zacks Consensus Estimate thrice in the preceding four quarters while missing the same on one occasion, the average surprise being 5.2%. Shares of AZPN have gained 41.3% over the past year.
The Zacks Consensus Estimate for ServiceNow's first-quarter 2023 earnings has been revised southward by a penny to $2.02 per share over the past 30 days. For 2023, earnings estimates have moved upward by 11 cents to $9.18 per share in the past 30 days.
ServiceNow's earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 6.9%. Shares of NOW have plunged 25% in the trailing 12 months.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.