Will Salesforce Be the Next AI Cinderella Story? Revenue Growth Will Tell
While much attention has been given to Nvidia's (NASDAQ:NVDA) success in riding the AI wave, another stock poised to gain from this tailwind is Salesforce (NYSE:CRM).
The San Francisco, California-based company has been prioritizing digital transformation in cloud-based customer relationship management solutions, focusing on enhancing its AI-powered products and services.
As Salesforce prepares to unveil its Q4 earnings report tomorrow after the market closes, expectations are high for the cloud-based software company to finish 2023 with a profit, rebounding from the previous year's losses, driven by robust business growth.
Source: InvestingPro
According to theInvestingPro forecast, Salesforce's last quarter revenue is expected to be $9.22 billion. Earnings per share (EPS) is estimated at $2.22. In the same period last year, the company announced a loss per share of $0.1.
Source: InvestingPro
The company managed to increase its net income to $1.2 billion in the 2nd and 3rd quarters of 2023 and is expected to keep its net profit at $1.2 billion in the last quarter.
Salesforce posted a loss of $98 million in the same period last year and is expected to continue to increase its profit margin this year.
Source: InvestingPro
Although it is expected to announce the highest quarterly revenue of all time, the downward trend in revenue growth draws attention.
Salesforce managed to increase its net profit with a remarkable increase in operating income while successfully implementing its cost policy.
Source: InvestingPro
Last year, Salesforce launched Einstein GPT, its first artificial intelligence tool in customer relationship management, and focused on increasing its AI-powered services.
Thus, the company started to manage
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