Shares of Salesforce (NYSE:CRM) surged in after-hours trading after the company reported earnings for its fourth quarter of Fiscal Year 2022. Earnings per share came in at $1.68, which beat analysts’ consensus estimate of $1.36 per share.
Sales increased by 14.3% year-over-year, with revenue hitting $8.38 billion. This beat analysts’ expectations of $7.99 billion.
Shareholders landed a big chunk of that revenue outright, as Salesforce returned a combined total of $2.3 billion to shareholders just in the fourth quarter. For the full fiscal year, meanwhile, it gave back right around $4 billion in share buybacks. It won’t stop any time soon, either; Salesforce hiked its share buyback plans to a total of $20 billion.
Overall, Wall Street has a consensus price target of $191.11 on Salesforce, implying 14.2% upside potential, as indicated by the graphic above.
