San Francisco – Amid an increasingly artificial intelligence (AI)-driven business environment, Salesforce (NYSE: CRM) released its impressive results for the second quarter, fiscal 2024 ended July 31, 2023.
The company reported 11% year-on-year revenue growth, rising to $8.60 billion. This resulted in an operating margin of 17.2% in GAAP and 31.6% in non-GAAP.
Salesforce also achieved record-breaking results in terms of remaining performance liability, which reached $24.1 billion, representing 12% year-over-year growth. Earnings per share (EPS) are also impressive: $1.28 in GAAP and $2.12 in non-GAAP.
The company is demonstrating an aggressive growth strategy, as evidenced by the increased distribution of $1.9 billion to shareholders in the form of share repurchases. The forecasts for the coming quarter and the full year 2024 are also promising: sales growth is estimated at around 11% year-on-year.
Salesforce has distinguished itself in the role of leader in AI CRM, offering a wide range of cloud services, including Einstein, Data Cloud, MuleSoft, Slack, and Tableau. These combined forces on a trusted platform put the company in pole position for change in the AI era.
Salesforce Chief Financial Officer Amy Weaver emphasizes the company’s solid execution of its profitable growth strategy. Operating margin was above target at 17.2% GAAP and 31.6% non-GAAP.
All in all, Salesforce’s second quarter results impressively demonstrate how the company is leveraging its leadership position in AI and cloud computing to deliver strong results in the changing business environment.