Salesforce is a market leader in the cloud-based software industry, so investors are eagerly anticipating the latest results and business outlook from the provider of sales and marketing technology.
) is slated to report its fiscal-third-quarter earnings after the market close.
The Wall Street consensus estimates for Salesforce is for the company to report October quarter revenue of $7.83 billion with adjusted earnings per share of $1.22. Analysts’ estimates for the current fiscal-fourth-quarter’s revenue is $8.02 billion.
Last week, Jefferies analyst Brent Thill reaffirmed his Buy rating on Salesforce stock, citing the attractive valuation after a decline this year. He noted Salesforce is trading at a 25% discount in terms of multiple valuation metrics compared to its large-cap industry peers.
“Despite the near-term macro challenges, we believe the stock offers long-term value,” he wrote. “We believe that Salesforce is well-positioned to attain its long-term goals.”
Salesforce stock was down 40% year to date as of the close of trading on Tuesday. For the same period, the tech-laden
Nasdaq Composite index,
has declined 30%.
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