were able to beat the estimates and raise their full-year profit outlook.
Along with this good news, they also announced that Salesforce CFO (chief financial officer) Amy Weaver, will step down from this position but she will continue to be the chief financial officer until they find a person who can be the successor. After Amy Weaver's departure, she will hold the position of advisor in the company.
To replace her, Salesforce is considering some internal and external candidates for these salesforce jobs, Marc Benioff stated in a call with analysts. Marc Benioff is the company’s co-founder, chair and CEO. He also stated that it was fully his idea to have Amy Weaver as the Salesforce CFO and take over the lead financial role after she joined the general counsel in 2013.
Compared to the LSEG estimates, the company managed to beat them and record strong results. Regarding the earnings per share the company was expected to record $2.36 instead, they earned $2.56. And for revenues, LSEG envisioned $9.23 billion in revenue and they managed to record $9.33 billion. Their revenue grew 8% year over year throughout the quarter that ended on July 31.
During the quarter, Salesforce stated that they will start this fall some testing on an Einstein Copilot designed for Merchants, and it can compose product pages and promotions with only a few words of human contribution.
Marc Benioff, the CEO, talked about the company’s Agent AI offering on the call.
“So many customers are so disappointed in what they bought from Microsoft, and copilots, because they aren’t getting the accuracy and the responses they want. Microsoft has disappointed so many customers with AI. Listen. These agents are autonomous, able to act with accuracy, come right out of the box, able to go right out of the platform.”, Marc said.
Also, earlier this month activist investors from Starboard and ValueAct disclosed that they obtained increases in their positions at Salesforce. They managed to buy shares before the company announced a widening of their adjusted operating margin earlier than planned last year.
If we exclude the after-hours move, we can say that Salesforce shares have lowered by 2% already this year even though the S&P 500 index acquired 17% in the same period.
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