Salesforce Is Quickly Becoming a Highly Profitable Company -- Is the Stock a Buy?
Salesforce (NYSE: CRM) is proving the "buy-the-dip" strategy still works. After a horrendous showing in 2022 (shares fell 48%), Salesforce stock has rallied nearly 60% so far in 2023. And that includes a post-earnings dip due to some mild investor disappointment with a lack of a more meaningful upgrade in financial outlook.
After years of rapid growth, spurred on by a seemingly endless list of acquisitions, Salesforce was in hot water during the bear market. With interest rates on the rise and economic growth slowing, shareholders demanded more profitability. Co-founder and CEO Marc Benioff is delivering on that front. But after its recent resurgence, is this stock still a buy?
Salesforce kicked off its first quarter fiscal 2024 (ended April 30, 2023) in strong fashion. Revenue was up 11% year over year to $8.25 billion, about $70 million above guidance provided three months ago.
Source Fool.com
