May 29, 2024

US tech firm Salesforce will release earnings after the market closes on Wednesday.

CRM-–-Daily-ChartCRM – Daily Chart

CRM stock trades around $270, which is support from April and May. A strong number could see a return to a bullish tone, with $290 being the upside resistance level.

Salesforce has been underperforming the S&P 500 and Nasdaq 100 this year. The company reported FY24 earnings, which showed revenue and earnings growing 11% and 50% year-over-year.

The company still sees strong growth in its Data Cloud segment as it drives robust innovation through the Einstein 1 Studio. At the same time, it has also announced plans to create an Einstein Copilot with Microsoft.

Salesforce is a leading provider of CRM software that helps businesses improve their sales pipeline and other areas related to sales and marketing.

The company said in its FY24 earnings in February that it had generated $34.9B in revenue for the full year, growing 11% YoY. Management added that eight out of 10 large deals in Q4 included six or more of their cloud products.

The company’s Data Cloud technology is now approaching $400 million in Annual Recurring Revenue “ARR”, which was up 90% YoY. Salesforce is expected to deliver approximately $9.145B in revenue in Q1, which would be another 11% growth. Operating margin is also expected to grow to 32.5%.

Analysts will be looking for strong figures and would prefer to see some international expansion as the company makes almost 70% of its income in the United States. Stronger earnings and management guidance around the cloud could see the stock set a low at this support level and seek to catch up with the stock indices.

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