Salesforce plummets on weak Q1 sales, forecast (NYSE:CRM)

Salesforce (NYSE:CRM) shares plunged nearly 11% in extended-hours trading on Wednesday after the enterprise software giant reported fiscal first-quarter results and guidance that missed estimates.

For the period ending April 30, Salesforce earned an adjusted $2.44 per share on $9.13B in revenue. Marketing and commerce revenue came in at $1.28B during the period, while revenue from services was $2.18B. Subscription and support revenue generated $8.59B during the period.

A consensus of analysts estimated that Salesforce would earn $2.37 per share on $9.15B in revenue.

Looking to the second-quarter, Salesforce expects to earn between $2.34 and $2.36 per share on an adjusted basis, below the $2.40 analysts were expecting. Sales are forecast to be between $9.2B and $9.25B, below the $9.35B estimate.

The company kept its full-year outlook, however, as it sees sales for fiscal 2025 between $37.7B and $38B, below the $38.05B estimate. Earnings for the full-year are expected to be between $9.86 and $9.94 per share on an adjusted basis, above the $9.80 per share estimate.

The company will host a conference call at 5 p.m. EST to discuss the results.