06:54 AM EDT, 05/30/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph.)

Salesforce ( CRM ) shares were down almost 16% in premarket activity on Thursday after the company's Q2 guidance missed forecasts.

The company reported late Wednesday Q1 non-GAAP net income of $2.44 per diluted share, up from $1.69 a year earlier.

Analysts polled by Capital IQ expected $2.38.

Revenue for the quarter ended April 30 was $9.13 billion, up from $8.25 billion a year earlier.

Analysts expected $9.15 billion.

For Q2, the enterprise software company is projecting non-GAAP net income of $2.34 to $2.36 per share on revenue of $9.2 billion to $9.25 billion. Analysts are looking for $2.40 per share and $9.34 billion, respectively.

Salesforce ( CRM ) also reiterated its prior forecast expecting fiscal 2025 EPS of $9.86 to $9.94 on revenue of $37.7 billion to $38.0 billion. The analyst consensus sees $9.80 per share and $38.01 billion in revenue.

Price: 228.75, Change: -42.87, Percent Change: -15.78