Salesforce's Monster Comeback

And, Snowflake’s poor 2023 outlook.

Steven Lerner
Steven Lerner

Today is Thursday, March 2, 2023.

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Salesforce's Monster Comeback

Strong financial results from Salesforce (NYSE: CRM) gave the tech stock a 15.79% gain in after-hours trading on Wednesday.

Financials: Salesforce reported earnings of $1.68 per share in the past quarter and revenue of $8.38 billion; both were better than expected.

Quote: “We closed FY23 with operating cash flow reaching $7.1 billion, up 19% year-over-year, the highest cash flow in our company’s history, and one of the highest cash flows of any enterprise software company our size.” - Marc Benioff, Chair and CEO.

Outlook: The company expects revenue to be between $8.16 billion and $8.18 billion, which was better than expected.

Stock Price: Salesforce is down 20% in the last 12 months, including a 4% dip in the last 30 days.

Final Thoughts: It’s been a rough few months for Salesforce. There were layoffs and pressure from activist investors. With Wednesday’s financial results, there’s finally something positive about the direction of the company.


Notable Earnings Today: Broadcom (Nasdaq: AVGO), Best Buy (NYSE: BBY), Costco Wholesale (Nasdaq: COST), Macy's (NYSE: M), (NYSE: AI), Kroger (NYSE: KR), ChargePoint (NYSE: CHPT), Bilibili (Nasdaq: BILI), Marvell Technology (Nasdaq: MRVL), Anheuser-Busch InBev (NYSE: BUD), Zscaler (Nasdaq: ZS), Burlington Stores (NYSE: BURL), Big Lots (NYSE: BIG), Nordstrom (NYSE: JWN), Portillo's (Nasdaq: PTLO), Hewlett Packard Enterprise (NYSE: HPE), Arbe Robotics (Nasdaq: ARBE), Dell (NYSE: DELL), Toronto-Dominion Bank (NYSE: TD), Victoria's Secret (NYSE; VSCO), AerCap (NYS: AER), Hormel Foods (NYSE: HRL), Six Flags (NYSE: SIX), Sprouts Farmers Market (Nasdaq: SFM), Stratasys (Nasdaq: SSYS), Utz Brands (NYSE: UTZ).

Notable IPOs Today: Opti-Harvest, Inc. (Nasdaq: OPHV), NYIAX, Inc. Common Stock (Nasdaq NYX).

Notable Equity Crowdfunding Campaigns Ending Today: MaxTracker (StartEngine), Genius Juice (Republic), Rize Up (SMBX), Swiss Precision Active (StartEngine).

Notable Economic Events Today: Jobless Claims (8:30 a.m. ET), Nonfarm Productivity (8:30 a.m. ET), Unit Labor Costs (8:30 a.m. ET).

Snowflake’s Poor 2023 Outlook

Made with Canon 5d Mark III and loved analog lens, Leica APO Macro Elmarit-R 2.8 / 100mm (Year: 1993)
Photo by Markus Spiske / Unsplash

Shares of Snowflake (NYSE: SNOW) tumbled 7.35% in after-hours trading on Wednesday after the cloud computing company posted mixed financial earnings results.

Financials: Snowflake reported earnings of 14 cents per share in the past quarter and revenue of $589 million; both were better than expected.

Details: Product revenue grew by 54% year-over-year. And the company announced a $2 billion stock buyback program, which should help with the price.

But: Snowflake expects product revenue to grow by just 40% in the current full year, which was below what analysts expected.

Final Thoughts: The stock is down 41% in the last 12 months. Snowflake still has room to grow, but the slower outlook for the current year is a bad sign for investors.

Bitcoin Stays Flat to Start March

The price of Bitcoin stayed about even on the first day of March, following a drop in the price of the digital currency in the past week.

Final Thoughts: Bitcoin’s price is up 40% so far in 2022. It’s been a solid quarter for crypto.

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Now Available: Ethereum’s ERC-4337 Account Abstraction Smart Contract is Live (Blockworks)

Not on a Silver Plater: Silvergate slumps 28% after delaying annual report, warning about viability (Reuters)

Elon’s Fault: Tesla stock falls more than 5% after hours as Investor Day falls short on specifics (CNBC)

Surging: Alibaba and China Stocks Are Rallying. Chinese Growth Means Lockdown Pain Is in the Past. (Barron’s)

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