Salesforce revenue increased 11 per cent at the end of the first fiscal quarter of 2024, reaching $8.25 billion.
Subscription and support revenues made up $7.64 billion — up 11 per cent year on year. Professional services and other revenues were $0.61 billion, an increase of nine per cent yearly.
Results also reported a first-quarter GAAP operating margin of five per cent and a non-GAAP operating margin of 27.6 per cent.
Salesforce CEO Marc Benioff said Salesforce significantly exceeded its non-GAAP margin target for the quarter – up 1,000 basis points year-over-year, and we are raising our FY24 non-GAAP operating margin guidance to a 550 basis point increase year-over-year.
“At the same time, we are leading the next major revolution in CRM – infusing trusted, secure generative AI across our entire product portfolio. Salesforce’s generative AI ecosystem wields Einstein GPT, Slack GPT, and Tableau GPT, delivering trusted power across our product portfolio,” he said.
Salesforce President Amy Weaver said that the first quarter was a strong step forward as the outfit accelerates its transformation and profitable growth strategy.
“Our team delivered another double-digit growth quarter on the top and bottom line as we help customers increase productivity, drive efficiency, and become AI-first companies,” she said.
Despite all this Salesforce was one of the first tech companies in 2023 to announce it was laying off thousands of workers as part of an action to reduce operating costs.
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