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Salesforce Inc. (CRM) has submitted its Form 10-Q filing for the quarterly period ended October 31, 2024.
The filing reports total revenues of $9.44 billion for the quarter, an increase from $8.72 billion in the same quarter the previous year. Subscription and support revenues accounted for $8.88 billion of the total, with professional services and other revenues contributing $565 million.
Salesforce's net income for the quarter was $1.53 billion, up from $1.22 billion in the previous year. The company reported a diluted net income per share of $1.58, compared to $1.25 in the prior year.
Operating expenses for the quarter totaled $5.45 billion, up from $5.06 billion in the same period last year. This includes research and development expenses of $1.36 billion, sales and marketing expenses of $3.32 billion, and general and administrative expenses of $711 million.
The company reported cash provided by operating activities of $1.98 billion for the quarter, compared to $1.53 billion in the previous year. Cash, cash equivalents, and marketable securities were $12.76 billion as of October 31, 2024.
Salesforce's remaining performance obligation, representing contracted revenue not yet recognized, was $53.1 billion, a 10% increase year-over-year. Current remaining performance obligation was $26.4 billion.
The company announced the acquisition of Zoomin Software Ltd. and Own Data Company Ltd. in November 2024, with total considerations of $344 million and $1.9 billion, respectively.
Salesforce repurchased approximately 30 million shares of its common stock for $7.7 billion during the nine months ended October 31, 2024. The company also paid $1.2 billion in dividends during the same period.
The filing highlights risks related to privacy laws, evolving regulations, and market competition. Salesforce continues to focus on expanding its service offerings and integrating AI technologies into its products.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Salesforce Inc. quarterly 10-Q report dated December 4, 2024. To report an error, please email earnings@qz.com.