Downward Pressure Persists: TSLA & CRM Face Bearish Trends
Tesla had so much to leverage on the way up.
- no dealers (better margins/less inventory)
- no advertising
- premium price point
- no direct competition
- autonomous features
Now, it seems like each of those points of leverage are unwinding.
📊 Salesforce Q1 FY25:
Revenue: $9.13B (+11% YoY)
OpCF: $6.25B (+39% YoY)
GAAP op margin: 18.7%
Non-GAAP op margin: 32.1%
💸 $2.6B in repurchases/dividends
📈 Q2 rev guidance: $9.20-$9.25B (+7-8% YoY)
🔮 FY25 revenue guidance: $37.7-$38.0B (+8-9% YoY)
Growing single digits and the stock trades for a 64x P/E.
Seems to me like a lot of big tech that’s in the “great business, terrible stock” camp just based on valuation.
https://x.com/TravisHoium/status/1795862323774566714
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