Salesforce (CRM) swung to a profit in the fourth quarter of its fiscal year 2024, exceeding analysts’ estimates for revenue and earnings. Shares in the company fell, however, as guidance for the current fiscal year fell short of expectations.
The company’s net income for the three months ended Jan. 31 came in at $1.45 billion or $1.47 per diluted share. This was better than the $1.26 billion or $1.29 per diluted share forecast by analysts. Revenue grew nearly 11% to $9.29 billion.
The company’s shares fell in after-hours trading as investors focused in on the guidance provided. Salesforce projects revenue of $9.12 billion to $9.17 billion in the first quarter of fiscal year 2025. Full-year fiscal 2025 revenue is pegged at between $37.7 billion and $38 billion, which would represent a 9% increase over fiscal 2024.
Salesforce shares were down 4.1% at $287.50 in after-hours trading at 4:50 p.m. ET.