Revenue came in at $8.60 billion, beating estimates of $8.53 billion, while adjusted earnings per share of $2.12 outperformed expectations of $1.90 per share. The software company’s operating margin for the second quarter was 31.6%, exceeding an estimated 28.2%.

Following its strong quarterly performance, Salesforce lifted its 2024 revenue outlook. Previously in the range of $34.5 billion to $34.7 billion, Salesforce’s new estimate is $34.7 billion to $34.8 billion.

The post Salesforce Stocks Surges After Beating Revenue Outlook appeared first on theprimarymarket.com.

Elliott revealed a multi-billion investment in Salesforce earlier this year and was recently campaigning for significant changes at the company alongside other activist investors. As part of those efforts, the investment management firm wanted to nominate its own candidates for the board.

However, Salesforce’s recent Q4 earnings report showed that the company bounced back from the challenging 2022. This included $7.33 billion in revenue, marking a 26 percent year-over-year increase. Its subscription and support revenues were 25 percent up year-over-year, landing at $6.83 billion.

Salesforce also initiated various other changes that made Elliott optimistic about the future, including “cost-cutting, boosting share buybacks, and disbanding a mergers-and-acquisition committee.”

“I have great respect for Marc [Salesforce co-founder and CEO Marc Benioff] and his team, and I have become deeply impressed by their strong ongoing commitment to profitable growth, responsible capital return, and an ambitious shareholder value creation plan,” said Elliott managing partner Jesse Cohn in a statement.

Salesforce shares have been 41 percent up year-to-date. The stock has been hovering at around $190 per share on Monday morning.

The post Activist Investor Elliott Management Won’t Pursue Changes on Salesforce’s Board appeared first on theprimarymarket.com.

Revenue came in at $8.60 billion, beating estimates of $8.53 billion, while adjusted earnings per share of $2.12 outperformed expectations of $1.90 per share. The software company’s operating margin for the second quarter was 31.6%, exceeding an estimated 28.2%.

Following its strong quarterly performance, Salesforce lifted its 2024 revenue outlook. Previously in the range of $34.5 billion to $34.7 billion, Salesforce’s new estimate is $34.7 billion to $34.8 billion.

The post Salesforce Stocks Surges After Beating Revenue Outlook appeared first on theprimarymarket.com.

Elliott revealed a multi-billion investment in Salesforce earlier this year and was recently campaigning for significant changes at the company alongside other activist investors. As part of those efforts, the investment management firm wanted to nominate its own candidates for the board.

However, Salesforce’s recent Q4 earnings report showed that the company bounced back from the challenging 2022. This included $7.33 billion in revenue, marking a 26 percent year-over-year increase. Its subscription and support revenues were 25 percent up year-over-year, landing at $6.83 billion.

Salesforce also initiated various other changes that made Elliott optimistic about the future, including “cost-cutting, boosting share buybacks, and disbanding a mergers-and-acquisition committee.”

“I have great respect for Marc [Salesforce co-founder and CEO Marc Benioff] and his team, and I have become deeply impressed by their strong ongoing commitment to profitable growth, responsible capital return, and an ambitious shareholder value creation plan,” said Elliott managing partner Jesse Cohn in a statement.

Salesforce shares have been 41 percent up year-to-date. The stock has been hovering at around $190 per share on Monday morning.

The post Activist Investor Elliott Management Won’t Pursue Changes on Salesforce’s Board appeared first on theprimarymarket.com.