Salesforce Shares Surge 25%. What Happened?

Author: Tim Phillips

Date: June 12, 2024

Share this

Rightly regarded as the “King of Cloud”, Inc (NASDAQ: CRM) blew past earnings estimates with shares surging to finish the day up 26% – an all-time high. 

More importantly the company raised its full-year guidance amid the pandemic, targeting US$20.8 billion in revenue for the full fiscal year.

As the poster child for the “cloud subscription” business model, I’m a huge fan of what Marc Benioff has pulled off at Salesforce. 

Now the leading, dominant company in the CRM space worldwide, Salesforce’s suite of products have become a “must-have” for many sales and marketing teams.

I always like to buy the long-term winners in each market segment and Salesforce is without a doubt the leader in its space.

This material is categorised as non-independent for the purposes of CGS-CIMB Securities (Singapore) Pte. Ltd. and its affiliates (collectively “CGS-CIMB”) and therefore does not provide an impartial or objective assessment of the subject matter and does not constitute independent research. Consequently, this material has not been prepared in accordance with legal requirements designed to promote the independence of research. Therefore, this material is considered a marketing communication.

This material is general in nature and has been prepared for information purposes only. It is intended for circulation amongst CGS-CIMB’s clients generally and does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this material. The information and opinions in this material are not and should not be construed or considered as an offer, recommendation or solicitation to buy or sell the subject securities, derivative contracts, related investments or other financial instruments or any derivative instrument, or any rights pertaining thereto. CGS-CIMB have not, and will not accept any obligation to check or ensure the adequacy, accuracy, completeness, reliability or fairness of any information and opinion contained in this material. CGS-CIMB shall not be liable in any manner whatsoever for any consequences (including but not limited to any direct, indirect or consequential losses, loss of profits and damages) of any reliance thereon or usage thereof.

About the Author: Tim Phillips