Salesforce (CRM.US) reported its third-quarter financial results on Tuesday, showcasing strong revenue growth and advancements in AI but falling slightly short on earnings per share (EPS). Here's a breakdown of the key highlights: Key Financial Metrics Revenue: $9.44 billion, exceeding the consensus estimate of $9.35 billion. Up 8% year-over-year (YoY). Earnings Per Share (EPS): Adjusted EPS of $2.41, below analyst expectations of $2.44. Margins: Operating margin: 20%. Non-GAAP operating margin: 33.1%. Cash Flow: Free cash flow increased by 30% YoY to $1.78 billion. Cash flow from operations up 29% YoY. Performance Obligations: Remaining performance obligations (RPO): $26.4 billion, a 10% YoY increase. CEO Remarks Marc Benioff, Salesforce’s chair and CEO, praised the company’s strong performance and highlighted Agentforce , Salesforce’s AI-powered enterprise system. "Agentforce, our complete AI system for enterprises built into the Salesforce Platform, is at the heart of a gro...
The US labour market showed signs of a steady slowdown in October, with job openings increasing moderately and layoffs declining, according to the latest Job Openings and Labor Turnover Survey (JOLTS) report released by the Bureau of Labor Statistics on Tuesday.
Job openings, a key indicator of labour demand, rose by 372,000 to 7.744 million at the end of October. However, the September figures were revised downward to 7.372 million from the initially reported 7.443 million. Economists polled by Reuters had anticipated 7.475 million vacancies.
Labour Market Dynamics
While job openings increased, hires dropped by 269,000 to 5.313 million, and layoffs fell by 169,000 to 1.633 million. These figures suggest a gradual cooling of the labour market rather than a sharp contraction.
Hurricanes and strikes also impacted October’s labour market data. Rebuilding efforts in storm-affected regions and the resolution of strikes at Boeing and another aerospace company are expected to contribute to a rebound in job growth in November.
Optimism for November Employment Report
Economists surveyed by Reuters predict that payrolls grew by 200,000 in November, a sharp improvement from the modest increase of 12,000 in October, the smallest gain since December 2020. The unemployment rate is expected to edge up slightly to 4.2% from 4.1% in October.
Implications for Federal Reserve Policy
The upcoming November employment report, due on Friday, will play a crucial role in shaping Federal Reserve policy. With inflation still above the central bank’s 2% target, the data could influence the Fed’s decision on whether to proceed with a third consecutive interest rate cut this month.
As the labour market navigates the impacts of economic uncertainty and external disruptions, policymakers and analysts will be closely watching for signs of resilience or further softening in the months ahead.
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