{"id":66177,"date":"2023-05-31T13:05:00","date_gmt":"2023-05-31T20:05:00","guid":{"rendered":"https:\/\/www.salesforce.com\/?post_type=sf_press_release&#038;p=66177"},"modified":"2023-05-31T13:07:38","modified_gmt":"2023-05-31T20:07:38","slug":"fy24-q1-earnings","status":"publish","type":"sf_press_release","link":"https:\/\/www.salesforce.com\/news\/press-releases\/2023\/05\/31\/fy24-q1-earnings\/","title":{"rendered":"Salesforce Announces Strong First Quarter Fiscal 2024 Results"},"content":{"rendered":"\n<p><strong>San Francisco <strong>\u2014<\/strong> May 31, 2023 &#8211;<\/strong> Salesforce (NYSE: CRM), the global leader in CRM, today announced results for its first quarter fiscal 2024 ended April 30, 2023.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>First Quarter Revenue of $8.25 Billion, up 11% Year-Over-Year (&#8220;Y\/Y&#8221;), up 13% Constant Currency (&#8220;CC&#8221;)<\/strong><\/li>\n\n\n\n<li><strong>First Quarter GAAP Operating Margin of 5.0% and Non-GAAP Operating Margin of 27.6%<\/strong><\/li>\n\n\n\n<li><strong>Current Remaining Performance Obligation of $24.1 Billion, up 12% Y\/Y, 12% CC<\/strong><\/li>\n\n\n\n<li><strong>First Quarter GAAP Diluted Earnings per Share (&#8220;EPS&#8221;) of $0.20 and Non-GAAP Diluted EPS of $1.69<\/strong><\/li>\n\n\n\n<li><strong>Returned $2.1 Billion in First Quarter to Stockholders in the Form of Share Repurchases<\/strong><\/li>\n\n\n\n<li><strong>Initiates Second Quarter FY24 Revenue Guidance of $8.51 Billion to $8.53 Billion, up ~10% Y\/Y<\/strong><\/li>\n\n\n\n<li><strong>Reiterates Full Year FY24 Revenue Guidance of $34.5 Billion to $34.7 Billion, up ~10% Y\/Y<\/strong><\/li>\n\n\n\n<li><strong>Raises Full Year FY24 GAAP Operating Margin Guidance to ~11.4% and Non-GAAP Operating Margin Guidance to ~28.0%<\/strong><\/li>\n<\/ul>\n\n\n\n<p>\u201cSalesforce significantly exceeded our non-GAAP margin target for the quarter \u2014 up 1,000 basis points year-over-year, and we are raising our FY24 non-GAAP operating margin guidance to a 550 basis point increase year-over-year,\u201d said Marc Benioff, Chair and CEO of Salesforce. \u201cAt the same time, we are leading the next major revolution in CRM \u2014 infusing trusted, secure generative AI across our entire product portfolio. Salesforce&#8217;s generative AI ecosystem wields Einstein GPT, Slack GPT, and Tableau GPT, delivering trusted power across our product portfolio. Our Salesforce GPT Trust Layer will shield customer data, enabling productive automation and intelligent enterprise enhancements securely.\u201d<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>At the same time, we are leading the next major revolution in CRM \u2014 infusing trusted, secure generative AI across our entire product portfolio. Salesforce&#8217;s generative AI ecosystem wields Einstein GPT, Slack GPT, and Tableau GPT, delivering trusted power across our product portfolio.<\/p>\n<cite>Marc Benioff, Chair and CEO of Salesforce<\/cite><\/blockquote>\n\n\n\n<p>&#8220;Q1 represented another strong step forward as we accelerate our transformation and profitable growth strategy,\u201d said Amy Weaver, President and CFO of Salesforce. \u201cOur team delivered another double-digit growth quarter on the top and bottom line as we help customers increase productivity, drive efficiency, and become AI-first companies.&#8221;<\/p>\n\n\n\n<p>Salesforce delivered the following results for its fiscal first quarter:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Revenue<\/strong>: Total first quarter revenue was $8.25 billion, an increase of 11% Y\/Y, and 13% CC. Subscription and support revenues were $7.64 billion, an increase of 11% Y\/Y. Professional services and other revenues were $0.61 billion, an increase of 9% Y\/Y.<\/li>\n\n\n\n<li><strong>Operating Margin: <\/strong>First quarter GAAP operating margin was 5.0%. First quarter non-GAAP operating margin was 27.6%. Restructuring impacted first quarter GAAP operating margin by (860) bps.<\/li>\n\n\n\n<li><strong>Earnings per Share<\/strong>: First quarter GAAP diluted earnings per share was $0.20, and non-GAAP diluted EPS was $1.69. Losses on the Company\u2019s strategic investments negatively impacted GAAP diluted earnings per share by $(0.11) based on a U.S. tax rate of 25% and non-GAAP diluted EPS by $(0.11) based on a non-GAAP tax rate of 23.5%. Restructuring impacted first quarter GAAP diluted earnings per share by (72) cents.<\/li>\n\n\n\n<li><strong>Cash Flow<\/strong>: Cash generated from operations for the first quarter was $4.49 billion, an increase of 22% Y\/Y. Free cash flow was $4.25 billion, an increase of 21% Y\/Y. Restructuring impacted first quarter operating cash flow growth by (910) bps.<\/li>\n\n\n\n<li><strong>Remaining Performance Obligation<\/strong>: Remaining performance obligation ended the first quarter at $46.7 billion, an increase of 11% Y\/Y. Current remaining performance obligation ended at $24.1 billion, an increase of 12% Y\/Y, and 12% CC.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-forward-looking-guidance\">Forward Looking Guidance<\/h2>\n\n\n\n<p>As of May 31, 2023, the Company is initiating its second quarter GAAP and non-GAAP EPS guidance, current remaining performance obligation growth guidance, and revenue guidance. The Company is reiterating its full year FY24 revenue guidance and updating its GAAP and non-GAAP EPS guidance, GAAP and non-GAAP operating margin guidance, and operating cash flow guidance.<\/p>\n\n\n\n<p>Our guidance assumes no change to the value of the Company&#8217;s strategic investment portfolio as it is not possible to forecast future gains and losses. In addition, the guidance below is based on estimated GAAP tax rates that reflect the Company\u2019s currently available information, and excludes forecasted discrete tax items such as the tax effects of stock-based compensation. The GAAP tax rates may fluctuate due to discrete tax items and related effects in conjunction with certain provisions in the Tax Cuts and Jobs Act, future acquisitions or other transactions.<\/p>\n\n\n<div class=\"wp-block-image\"><div class=\"wp-block-image__wrapper\">\n<figure class=\"aligncenter size-large prevent-download\"><a href=\"#\" class=\"wp-block-image__modal-toggle\" aria-expanded=\"false\" data-modal-id=\"66190-modal\"><span class=\"screen-reader-text\">Open Image Modal<\/span><img loading=\"lazy\" decoding=\"async\" height=\"994\" width=\"1024\" src=\"https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/1-1.png?w=1024\" alt=\"\" class=\"wp-image-66190\" srcset=\"https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/1-1.png 1036w, https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/1-1.png?w=300&amp;h=291 300w, https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/1-1.png?w=768&amp;h=746 768w, https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/1-1.png?w=1024&amp;h=994 1024w, https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/1-1.png?w=264&amp;h=256 264w, https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/1-1.png?w=376&amp;h=365 376w, https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/1-1.png?w=678&amp;h=658 678w, https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/1-1.png?w=150&amp;h=146 150w, https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/1-1.png?w=199&amp;h=193 199w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n<div id=\"66190-modal\" class=\"image-modal\" aria-hidden=\"true\" aria-labelledby=\"image-dialog-title\"><div class=\"image-modal__overlay\" tabindex=\"-1\" data-a11y-dialog-hide><\/div><div class=\"image-modal__content\" role=\"dialog\"><button class=\"image-modal__close-button\" type=\"button\" data-a11y-dialog-hide aria-label=\"Close this image dialog window\"><svg viewBox=\"0 0 26 25\" height=\"16\" width=\"16\" fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><rect x=\".626\" y=\"22.753\" width=\"32\" height=\"3\" rx=\"1.5\" transform=\"rotate(-45 .626 22.753)\"\/><rect x=\"2.747\" y=\".125\" width=\"32\" height=\"3\" rx=\"1.5\" transform=\"rotate(45 2.747 .125)\"\/><\/svg><\/button><h1 id=\"image-dialog-title\" class=\"screen-reader-text\">Image Modal<\/h1>\n<figure class=\"wp-block-image aligncenter size-large prevent-download\"><img loading=\"lazy\" decoding=\"async\" width=\"1036\" height=\"1006\" src=\"https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/1-1.png?w=1024\" alt=\"\" class=\"wp-image-66190\" srcset=\"https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/1-1.png 1036w, https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/1-1.png?w=300&amp;h=291 300w, https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/1-1.png?w=768&amp;h=746 768w, https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/1-1.png?w=1024&amp;h=994 1024w, https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/1-1.png?w=264&amp;h=256 264w, https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/1-1.png?w=376&amp;h=365 376w, https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/1-1.png?w=678&amp;h=658 678w, https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/1-1.png?w=150&amp;h=146 150w, https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/1-1.png?w=199&amp;h=193 199w\" sizes=\"auto, (max-width: 1036px) 100vw, 1036px\" \/><\/figure>\n<\/div><\/div><\/div><\/div>\n\n\n<p>The following is a per share reconciliation of GAAP diluted earnings per share to non-GAAP diluted earnings per share guidance for the next quarter and the full year:<\/p>\n\n\n<div class=\"wp-block-image__wrapper\">\n<figure class=\"wp-block-image size-large prevent-download\"><a href=\"#\" class=\"wp-block-image__modal-toggle\" aria-expanded=\"false\" data-modal-id=\"66192-modal\"><span class=\"screen-reader-text\">Open Image Modal<\/span><img loading=\"lazy\" decoding=\"async\" height=\"611\" width=\"1024\" src=\"https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/3-1.png?w=1024\" alt=\"\" class=\"wp-image-66192\" srcset=\"https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/3-1.png 1046w, https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/3-1.png?w=300&amp;h=179 300w, https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/3-1.png?w=768&amp;h=458 768w, https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/3-1.png?w=1024&amp;h=611 1024w, https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/3-1.png?w=264&amp;h=157 264w, https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/3-1.png?w=500&amp;h=298 500w, https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/3-1.png?w=678&amp;h=404 678w, https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/3-1.png?w=150&amp;h=89 150w, https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/3-1.png?w=324&amp;h=193 324w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n<div id=\"66192-modal\" class=\"image-modal\" aria-hidden=\"true\" aria-labelledby=\"image-dialog-title\"><div class=\"image-modal__overlay\" tabindex=\"-1\" data-a11y-dialog-hide><\/div><div class=\"image-modal__content\" role=\"dialog\"><button class=\"image-modal__close-button\" type=\"button\" data-a11y-dialog-hide aria-label=\"Close this image dialog window\"><svg viewBox=\"0 0 26 25\" height=\"16\" width=\"16\" fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><rect x=\".626\" y=\"22.753\" width=\"32\" height=\"3\" rx=\"1.5\" transform=\"rotate(-45 .626 22.753)\"\/><rect x=\"2.747\" y=\".125\" width=\"32\" height=\"3\" rx=\"1.5\" transform=\"rotate(45 2.747 .125)\"\/><\/svg><\/button><h1 id=\"image-dialog-title\" class=\"screen-reader-text\">Image Modal<\/h1>\n<figure class=\"wp-block-image size-large prevent-download\"><img loading=\"lazy\" decoding=\"async\" width=\"1046\" height=\"624\" src=\"https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/3-1.png?w=1024\" alt=\"\" class=\"wp-image-66192\" srcset=\"https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/3-1.png 1046w, https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/3-1.png?w=300&amp;h=179 300w, https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/3-1.png?w=768&amp;h=458 768w, https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/3-1.png?w=1024&amp;h=611 1024w, https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/3-1.png?w=264&amp;h=157 264w, https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/3-1.png?w=500&amp;h=298 500w, https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/3-1.png?w=678&amp;h=404 678w, https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/3-1.png?w=150&amp;h=89 150w, https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/3-1.png?w=324&amp;h=193 324w\" sizes=\"auto, (max-width: 1046px) 100vw, 1046px\" \/><\/figure>\n<\/div><\/div><\/div>\n\n\n<p>For additional information regarding non-GAAP financial measures see the reconciliation of results and related explanations below.<\/p>\n\n\n\n<p>Management will provide further commentary around these guidance assumptions on its earnings call.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Product Releases and Enhancements<\/h4>\n\n\n\n<p>Three times a year Salesforce delivers new product releases, services, or enhancements to current products and services. These releases are a result of significant research and development investments made over multiple years, designed to help customers drive cost savings, boost efficiency, and build trust.<\/p>\n\n\n\n<p>To view our major product releases and other highlights as part of the Spring&#8217;23 Product Release, visit: www.salesforce.com\/products\/innovation\/spring-23-release\/<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Quarterly Conference Call\u00a0<\/h4>\n\n\n\n<p>Salesforce plans to host a conference call at 2:00 p.m. (PT) \/ 5:00 p.m. (ET) to discuss its financial results with the investment community. A live webcast and replay details of the event will be available on the Salesforce Investor Relations website at www.salesforce.com\/investor.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>San Francisco \u2014 May 31, 2023 &#8211; Salesforce (NYSE: CRM), the global leader in CRM, today announced results for its first quarter fiscal 2024 ended April 30, 2023. \u201cSalesforce significantly exceeded our non-GAAP margin target for the quarter \u2014 up 1,000 basis points year-over-year, and we are raising our FY24 non-GAAP operating margin guidance to [&hellip;]<\/p>\n","protected":false},"author":128,"featured_media":66180,"template":"","meta":{"sf_subhead":"","sf_i18n_disclaimer":false,"alternateThumbnailId":0,"sf_product_cta_id":0,"footnotes":""},"sf_content_type":[1776],"sf_theme":[1912],"sf_topic":[2442,1726,1775],"sf_product":[],"sf_industry":[],"sf_role":[],"sf_multimedia_asset":[],"sf_location":[1724],"sf_collection":[],"sf_visibility":[],"coauthors":[1966],"class_list":["post-66177","sf_press_release","type-sf_press_release","status-publish","has-post-thumbnail","hentry","sf_content_type-press-releases-corporate","sf_theme-digital-transformation","sf_topic-company-news","sf_topic-digital-transformation","sf_topic-earnings","sf_location-amer"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Salesforce Announces Strong First Quarter Fiscal 2024 Results - Salesforce<\/title>\n<meta name=\"description\" content=\"San Francisco \u2014 May 31, 2023 - Salesforce (NYSE: CRM), the global leader in CRM, today announced results for its first quarter fiscal 2024 ended April 30,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.salesforce.com\/news\/press-releases\/2023\/05\/31\/fy24-q1-earnings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Salesforce Announces Strong First Quarter Fiscal 2024 Results\" \/>\n<meta property=\"og:description\" content=\"San Francisco \u2014 May 31, 2023 - Salesforce (NYSE: CRM), the global leader in CRM, today announced results for its first quarter fiscal 2024 ended April 30,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.salesforce.com\/news\/press-releases\/2023\/05\/31\/fy24-q1-earnings\/\" \/>\n<meta property=\"og:site_name\" content=\"Salesforce\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/salesforce\/\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-31T20:07:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/q1-newsroom-tile-1200x675-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@salesforcenews\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"5 minutes\" \/>\n\t<meta name=\"twitter:label2\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data2\" content=\"Erika Symczak\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/www.salesforce.com\/news\/press-releases\/2023\/05\/31\/fy24-q1-earnings\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.salesforce.com\/news\/press-releases\/2023\/05\/31\/fy24-q1-earnings\/\"},\"author\":[{\"@id\":\"https:\/\/www.salesforce.com\/news\/#\/schema\/person\/image\/264a1b64797c5fb8db92cb20ff3355b5\"}],\"headline\":\"Salesforce Announces Strong First Quarter Fiscal 2024 Results\",\"datePublished\":\"2023-05-31T20:05:00+00:00\",\"dateModified\":\"2023-05-31T20:07:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.salesforce.com\/news\/press-releases\/2023\/05\/31\/fy24-q1-earnings\/\"},\"wordCount\":852,\"publisher\":{\"@id\":\"https:\/\/www.salesforce.com\/news\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.salesforce.com\/news\/press-releases\/2023\/05\/31\/fy24-q1-earnings\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.salesforce.com\/news\/wp-content\/uploads\/sites\/3\/2023\/05\/q1-newsroom-tile-1200x675-1.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.salesforce.com\/news\/press-releases\/2023\/05\/31\/fy24-q1-earnings\/\",\"url\":\"https:\/\/www.salesforce.com\/news\/press-releases\/2023\/05\/31\/fy24-q1-earnings\/\",\"name\":\"Salesforce Announces Strong First Quarter Fiscal 2024 Results - 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