Home / Business and Economy / Salesforce Surges: Mixed Q3, Stronger Q4 Outlook
Salesforce Surges: Mixed Q3, Stronger Q4 Outlook
4 Dec
Summary
- Salesforce shares climbed over 5% after reporting mixed Q3 results but raising Q4 revenue guidance.
- UiPath's stock jumped 9% on strong Q3 earnings and revenue, exceeding analyst expectations.
- Discount retailer Five Below saw its stock rise 4% on blowout Q3 results, significantly beating estimates.
In after-hours trading, Salesforce experienced a significant boost, with shares rising more than 5%. This surge followed the company's release of mixed third-quarter financial results, which included earnings per share of $3.25 (excluding items) surpassing estimates, although revenue slightly missed consensus. However, Salesforce raised its full-year revenue outlook, signaling positive future performance.
UiPath, a provider of business automation software, saw its stock jump 9% post-market. The company reported third-quarter adjusted earnings of 16 cents per share and revenue of $411 million, both exceeding analysts' consensus estimates. In contrast, Snowflake's cloud-based data storage stock slid over 8% due to a slightly disappointing outlook for product revenue growth in the upcoming January quarter, despite beating top and bottom lines for its third quarter.
Retail and other tech companies also made notable moves. Discount retailer Five Below reported blowout third-quarter results, with adjusted earnings nearly tripling analyst estimates and revenue significantly surpassing expectations, leading to a 4% stock increase. C3.ai's shares dipped slightly after missing gross margin expectations, while PVH Corp., owner of Calvin Klein and Tommy Hilfiger, saw its shares fall nearly 3% as it narrowed its sales and earnings forecasts.
