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Home » Salesforce Shares Jump 12.5% as Quarterly Revenue Hits $9.44B, Driven by AI Success

Salesforce Shares Jump 12.5% as Quarterly Revenue Hits $9.44B, Driven by AI Success

Joan Aimuengheuwa by Joan Aimuengheuwa
December 4, 2024
in DisruptiveTECH
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Salesforce Shares Jump 12.5% as Quarterly Revenue Hits $9.44B, Driven by AI Success
Salesforce

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Salesforce, a provider of customer relationship management software, saw its shares increase by 12.5% in premarket trading on Wednesday. 

This came after the company exceeded quarterly sales expectations and issued an optimistic forecast for its recently launched AI-driven products, with its stock already up 26% this year.

The product, Agentforce, has become a driver of Salesforce’s growth projections. This innovative tool aims to meet the increasing demand for AI agents capable of performing tasks autonomously. 

Even with its general availability being announced only in late October, Agentforce has already secured 200 deals, with executives highlighting a solid pipeline of future opportunities during a post-earnings call.

Analysts at Piper Sandler described fiscal 2026 as a good year for Salesforce, noting its efforts to enhance enterprise AI through new pricing and packaging models for products such as Agentforce, Foundations, and Data Cloud. 

They anticipate that these offerings will boost the company’s market reach significantly. J.P. Morgan analysts confirmed this but acknowledged that full monetisation could take time.

The company’s market valuation, currently at $316.85 billion, is set to increase by more than $40 billion if the stock maintains its upward growth. Data from LSEG reveal that at least 20 analysts have raised their price targets for Salesforce, with a new median target of $380 suggesting a possible 15% upside.

For the fiscal year 2025, Salesforce has slightly revised its revenue expectations to a range of $37.8 billion to $38 billion, up from its earlier forecast. In the third quarter, the company reported an 8% increase in revenue, reaching $9.44 billion and surpassing analysts’ average estimate of $9.35 billion.

Baird Equity Research analysts commended the company’s progress in integrating AI into its strategy, with reasonable market expectations, and probable gains as enterprise spending recovers.

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