Posted on Tuesday, Mar 8th 2022
Salesforce (NYSE: CRM) recently announced its fiscal fourth-quarter results that continued to surpass market expectations. Despite margin headwinds due to currency pressures and integration of its acquisitions, the company continues to expand across all financial metrics.
Salesforce’s revenues for the fourth quarter grew 26% to $7.33 billion, above analyst estimates of $7.23 billion. Adjusted earnings of $0.84 per share were also better than the market’s forecast of $0.73 per share.
By segment, Subscription and support revenues grew 25% to $5.48 billion, and Professional services and other revenues grew 44% to $1.84 billion.
Revenues for the full fiscal year grew 25% to $26.49 billion with Subscription and support revenues growing 23% to $24.66 billion and Professional services and other revenues increasing 44% to $1.84 billion. Adjusted earnings were $4.78 per share.
For the first quarter, Salesforce forecast revenues of $7.37-$7.38 billion and an EPS of $0.93-$0.94. The market was looking for $7.24 billion and an EPS of $0.98. Salesforce expects to end the current fiscal year with revenues of $32-$32.1 billion and an EPS of $4.26-$4.64. The market was looking for revenues of $31.75 billion and an EPS of $4.68.
Salesforce’s Growth Focus
Recently, Salesforce announced new integrations, allowing retailers to create shopping experiences that best suit customer needs and meet their expectations. The integrations include PayPal at Checkout for Salesforce Payments, allowing brands that use Salesforce Payments to add PayPal to their checkout experience with a click-based configuration, reducing checkout friction, and driving sales. Last quarter, PayPal also expanded their use of Slack, using new capabilities like Slack Huddles for real-time audio calls, and Slack chatbots to respond to employee questions, log IT tickets, and other services.
Salesforce also announced Salesforce Commerce for B2B Wholesale Retail, its digital portal for wholesale apparel and fashion companies, that supports preseason ordering, in-season re-supply, and fully automated interactions across self-service and sales teams. It also announced the launch of Safety Cloud, which expands on Salesforce’s event and workplace experience. In addition to expanding on existing health and safety innovations that were announced in December, the service helps businesses and communities to better manage testing, health, and entry protocols and create safer in-person experiences at events and in the workplace.
For the time being, Salesforce is not looking for additional strategic acquisitions and is instead focusing on getting Slack well integrated from a technology and go-to-market perspective. Salesforce had
acquired Slack in 2020 for $27.7 billion. The analysts have been monitoring the acquisition given that Slack reported margin headwinds of 140 bps in FY22, and is expected to report headwinds of 100-125 bps in FY23. Despite the pressure, Salesforce managed to expand its operating margins by 100 bps in FY22 and expects and additional 130 bps of expansion in FY23. I still believe that Salesforce can help realize Slack’s PaaS potential.
Salesforce has also managed to improve Mulesoft’s performance. Mulesoft’s revenue growth had slowed down to 16% in the third quarter. It increased to 24% in the fourth quarter but remained lower than the 39% reported in Q2. The management re-organized the business recently and expects the division to be in a better position to scale long term.
Salesforce’s stock is trading at $196.23 with a market capitalization of $193.3 billion. It had touched a 52-week high of $311.75 in November last year and fell to a 52-week low of $184.44 in February.
Disclosure: All investors should make their own assessments based on their own research, informed interpretations, and risk appetite. This article expresses my own opinions based on my own research of product-market fit, channel execution, and other factors. My primary interest is in product strategy. While this may have bearing on stock movements, my writings tend to focus on long-term implications. The information presented is illustrative and educational, but should not be regarded as a complete analysis nor recommendation to buy or sell the securities mentioned herein. I am not a registered investment adviser and I am not receiving compensation for this article. I am an investor in this company. Photo Credit: Open Grid Scheduler / Grid Engine /Flickr.com This segment is a part in the series : Cloud Stocks . Smartsheet Acquiring Bootstrapped Startups to Drive Growth . Bootstrapped Unicorn Atlassian is Acquiring Capital Efficient Startups . Netflix Price Hike Ruffles Competition . 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Twilio Focuses on Customer Engagement . Analysis of Amazon's MGM Acquisition . Guidewire Focuses on Building its Partner Network . Momentive, Formerly SurveyMonkey, Adds Analytics to Offerings . Zendesk Should Look at Acquisitions . HubSpot Continues to Grow its App Marketplace . Is Alteryx Being Acquired? . Shopify Continues to Woo Developers . DigitalOcean Expands Partnership with MongoDB . Analysis of Qualys' TotalCloud Acquisition . Pure Storage Experimenting with Pricing Models . Palo Alto Networks Expands Security Capabilities . RingCentral Cashing in on the Hybrid Work Environment . Splunk Tackles Decelerating Growth with Product Upgrades . MongoDB's Atlas Capabilities Expand to the Government Sector . Analysis of Bill.com's Invoice2Go Acquisition . DocuSign Banks on Agreement Cloud . Smartsheet's Expanding Use Cases . Analysis of Salesforce's Servicetrace Acquisition . Zscaler Focuses on Federal Agencies . Coupa Launches PaaS Strategy . Analysis of BlackLine’s Kyriba Partnership . PagerDuty's Expanding Integration Portfolio . Analysis of Tenable's Accurics Acquisition . Upstart’s Improving AI Algorithm in FinTech Consumer Lending . Analysis of C3.ai's Growing Partnerships . Analysis of Veeva's Learnaboutgmp Acquisition . Analysis of Adobe's Frame.io Acquisition . Snowflake Focuses on the Financial Services Sector . CrowdStrike Expands Government Offerings . Zoom Focuses on Expanding Reseller Offerings . Dropbox Focuses on Content Creators with New Product . Analysis of Okta's atSpoke Acquisition . Sumo Logic Leverages Red Hat Marketplace . Analysis of Dynatrace's SpectX Acquisition . Tuya Prepares to Address the Chip Shortage . Analysis of Appian's Lana Labs Acquisition . Analysis of Qualtrics's $1.125B Clarabridge Acquisition . Fastly Addresses Latency Issues for Developers . Alarm.com Leverages AI for Growth . Analysis of IBM's Rego Acquisition . Analysis of Unity's Parsec Acquisition . UiPath Envisions Advanced ML Capabilities . Microsoft Teams Lags Far Behind Zoom . Analysis of ServiceNow's Gekkobrain Acquisition . Google Attempts to Gain Ground in Cloud and AI . Atlassian Expands Beyond IT Offerings . Amazon Addresses Margin Pressures Through Product Upgrades . Twilio Leverages Segment Platform for Product Expansion . Shopify Expands PaaS Integrations . Analysis of Zendesk's $4.1B Momentive Acquisition . HubSpot Becomes a Stickier Platform . Analysis of Alteryx's Acquisitions . Wix Focuses on Fitness Services Providers . Pure Storage Partners with Microsoft Azure to Address Chip Shortage Concerns . Analysis of Salesforce's LevelJump Acquisition . Qualys Expands Solutions to Address Ransomware . Veeva Eyes Data Cloud . Splunk Expands Partner Capabilities . Coupa Continues to Build on its PaaS . MongoDB Focuses on Winning Government Contracts . DocuSign Targets $50B Market Opportunity in Agreement Cloud . Smartsheet Focuses on PaaS Growth . C3.ai Expands Enterprise and Public Sector Presence . 25 Cloud Stocks to BUY in 2022 . IBM Realigns its Portfolio to Focus on AI and Hybrid Cloud . Analysis of ServiceNow's DotWalk Acquisition . Analysis of Atlassian's Percept.AI Acquisition . Should Microsoft Break Itself Up? . Google Focuses on AI Enhancements . Amazon to Test Prime Customer Stickiness . Bill.com Continues Focus on Services for the SMB Segment . Analysis of GoDaddy's Pagely Acquisition . HubSpot's PaaS Keeps Growing . Freshworks Targets IT Operations Management Market . Zendesk Rejects Private Equity Buyout Offer . Shopify Emerges as a Covid Beneficiary with Stellar Results . Wix Simplifies App Creation . Anaplan Expands AWS Relationship . ON24 Builds a Partner Network . RingCentral Maintains Market Share Leadership in UCaaS Through Partnerships . BigCommerce Rides on TikTok's Growth . Analysis of Veeva's Veracity Acquisition . Salesforce Slows Down M&A to Focus on Integration . Okta's Widening Losses Worry Investors, But Growth Metrics Remain Strong . Nutanix Plans to Take on VMWare . Newly Public HashiCorp Focuses on a $73B Infrastructure-as-a-Code Market . Coupa Focuses on Key Products to Restart Decelerating Performance . Smartsheet's Product Line-up Fails to Accelerate Growth . DocuSign Targets a $50 Billion Market Opportunity . Pure Storage Takes on Dell in Top Tier Storage Market . Analysis of PagerDuty's Catalytic Acquisition . Splunk Impresses with Enterprise Customer Growth . Analysis of Qualtrics's Acquisition of SurveyVitals . Analysis of DigitalOcean's Nimbella Acquisition . Squarespace Eyes Video Offerings for SMBs . MongoDB is Leveraging Alliance with Amazon for Growth . Rapid7's Cross-Sell Capabilities Deliver Results . CrowdStrike Expands Partnerships to Address Cyber Attack Fears . Upstart Focuses on the Automobile Market for Growth . Zoom Adds Contact Center Capabilities to Enhance its UCaaS Stack . Tuya Struggles Amid Macro Economic Conditions . Analysis of Fastly's Fanout Acquisition . Analysis of BlackLine's FourQ Systems Acquisition . Analysis of IBM's Neudesic Acquisition . Analysis of Snowflake's Streamlit Acquisition . Google's Acquisition of Mandiant Fuels its Cloud Strategy . Microsoft Expands its Healthcare Cloud Offerings . Amazon Battles Margin Pressures . Atlassian Faces Stiff Competition . GoDaddy Targets a $126B TAM Opportunity . Bill.com Builds Value Added Services to Expand Wallet Share . Analysis of ON24's VIBBIO Acquisition . Twilio's Growth is Driven by Segment . Freshworks' Bots Make Customer Interactions Easier . Who Will Buy Zendesk? . Analysis of Shopify's Deliverr Acquisition . Wix Focuses on Profitability Amid Mounting Losses . Dynatrace Targets $50B Addressable Market . Analysis of Salesforce's Troop.Ai Acquisition . Analysis of Workday's VNDLY Acquisition . Nutanix Stumbles on Supply Chain Issues . Veeva Targets $13 Billion TAM . Okta Bounces Back Stronger Despite Security Event . Analysis of Zoom's Acquisition of Solvvy