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Salesforce Lifts Q1, FY Revenue Outlook; Shares Up

While reporting its results for the fourth quarter on Tuesday, Salesforce (CRM) lifted its revenue outlook for the first quarter and full year 2023. Shares of Salesforce gained nearly 4% in extended trading hours.

Looking forward to the first quarter, the company now expects revenues of $7.37 billion to $7.38 billion and adjusted earnings of $0.93 to $0.94 per share. This compares to previous estimate of revenues of $7.215 billion to $7.250 billion. Analysts polled by Thomson Reuters currently estimate revenues of $7.26 billion and earnings of $0.99 per share.

For the full year 2023, the company now expects revenues of $32.0 billion to $32.1 billion and adjusted earnings of $4.62 to $4.64 per share. Previously, the company had expected revenues of $31.7 billion to $31.8 billion. Analysts currently estimate earnings of $4.74 per share and revenues of $31.78 billion.

Marc Benioff, Chair and Co-CEO of Salesforce, said, "As we continue to see tremendous demand from customers, we're raising our FY23 revenue guidance to $32.1 billion at the high-end of range, with non-GAAP operating margin of 20%, and operating cash flow growth of 22% year-over-year."

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