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.

Contracts on the S&P 500 were down 0.4%, while those on the Nasdaq plummeted by 0.7%. Dow Jones futures edged higher by 0.2%. the yield on the 10-year Treasury note remained above 4% after hitting this level on Wednesday for the first time since November last year.

Investors eagerly anticipated the release of Salesforce quarterly results, with the company’s stock gaining 15% on Thursday morning following the announcement.

The company made headlines with its announcement that it would be increasing its billion share repurchase authorization to $20 billion. COO Brian Millham stated the following: “We’re inspecting every part of our business to find opportunities to drive efficiencies and reduce cost of sales, marketing, and G&A.”

Another stock that was closely tracked on Thursday was electric vehicle maker Tesla, with the company’s stock falling by 7% after it held its latest investor day on Wednesday. The EV maker offered little information on new product details, rather choosing to emphasize the company’s push to innovate its manufacturing process.

The post Futures Mixed as Salesforce Releases Quarterly Earnings appeared first on theprimarymarket.com.

A recent report by Wall Street Journal revealed that despite layoffs, Salesforce kept its most famous employee in Academy Award-winning actor Matthew McConaughey. According to WSJ, McConaughey serves as a creative adviser and TV pitchman for the company and is getting $10 million annually for the work he does.

McConaughey, who appeared in a Super Bowl ad for Salesforce during LVI, reportedly receives his compensation in cash and equity. He is also a private friend of Salesforce CEO Marc Benioff, although the latter insists the actor’s involvement with the company is unrelated to that.

Despite the controversy, Salesforce is coming off a successful quarter. According to Wednesday’s Q4 results, the company had $8.38 billion in revenue compared to the $8 billion expected while also beating Wall Street’s adjusted earnings per share estimates with $1.68 versus the $1.37 expected.

The promising results have helped Salesforce stock to make a significant jump on Wednesday. After closing at $167.35 per share, the stock surged by 15.5% in after-hours trading.

The post Salesforce is Paying Matthew McConaughey $10 Million Annually Despite Cost-Cutting Efforts 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.

Contracts on the S&P 500 were down 0.4%, while those on the Nasdaq plummeted by 0.7%. Dow Jones futures edged higher by 0.2%. the yield on the 10-year Treasury note remained above 4% after hitting this level on Wednesday for the first time since November last year.

Investors eagerly anticipated the release of Salesforce quarterly results, with the company’s stock gaining 15% on Thursday morning following the announcement.

The company made headlines with its announcement that it would be increasing its billion share repurchase authorization to $20 billion. COO Brian Millham stated the following: “We’re inspecting every part of our business to find opportunities to drive efficiencies and reduce cost of sales, marketing, and G&A.”

Another stock that was closely tracked on Thursday was electric vehicle maker Tesla, with the company’s stock falling by 7% after it held its latest investor day on Wednesday. The EV maker offered little information on new product details, rather choosing to emphasize the company’s push to innovate its manufacturing process.

The post Futures Mixed as Salesforce Releases Quarterly Earnings appeared first on theprimarymarket.com.

A recent report by Wall Street Journal revealed that despite layoffs, Salesforce kept its most famous employee in Academy Award-winning actor Matthew McConaughey. According to WSJ, McConaughey serves as a creative adviser and TV pitchman for the company and is getting $10 million annually for the work he does.

McConaughey, who appeared in a Super Bowl ad for Salesforce during LVI, reportedly receives his compensation in cash and equity. He is also a private friend of Salesforce CEO Marc Benioff, although the latter insists the actor’s involvement with the company is unrelated to that.

Despite the controversy, Salesforce is coming off a successful quarter. According to Wednesday’s Q4 results, the company had $8.38 billion in revenue compared to the $8 billion expected while also beating Wall Street’s adjusted earnings per share estimates with $1.68 versus the $1.37 expected.

The promising results have helped Salesforce stock to make a significant jump on Wednesday. After closing at $167.35 per share, the stock surged by 15.5% in after-hours trading.

The post Salesforce is Paying Matthew McConaughey $10 Million Annually Despite Cost-Cutting Efforts appeared first on theprimarymarket.com.