Salesforce Inc. shares climbed in premarket trading on Thursday after the company reported quarterly results that exceeded analyst expectations and raised its full-year revenue forecast.
The San Francisco-based cloud software provider posted adjusted earnings per share of $1.68 for the three months ended July 31, compared with a forecast of $1.62 in a Refinitiv poll of analysts. Revenue rose 11% year-over-year to $9.33 billion, topping the $9.25 billion consensus estimate.
Salesforce also raised its fiscal 2025 revenue guidance to a range of $38.8 billion to $39.1 billion, up from its prior forecast of $38.2 billion to $38.5 billion. The company cited accelerating demand for its artificial intelligence and data cloud products as key drivers of growth.
Analysts at Jefferies maintained a buy rating on Salesforce stock but trimmed the price target to $320 from $330, citing valuation concerns. Shares were up about 2% in premarket trading at 7:30 a.m. ET.
Salesforce has been a bellwether for the broader software sector, and its performance often reflects trends in enterprise technology spending. The company’s latest results follow a period of volatility in tech stocks amid shifting interest rate expectations and macroeconomic uncertainty.
The stock’s gain extended a recent rally, with Salesforce shares up roughly 15% over the past month as investors bet on its AI-driven growth prospects.
