Salesforce easily tops quarterly estimates

Salesforce easily tops quarterly estimates

One of the largest customer relationship management platforms reported fiscal Q2 earnings that exceeded analysts’ estimates

Salesforce announced revenues of $6.34 billion, topping the $6.24 billion forecasted, and marking a 23% increase year over year in the quarter. At the same time, it blew past the 92 cents earnings per share estimated, as figures came in at $1.48 per share.

Moreover, in the quarter ended July 31, the enterprise software maker reopened about half of its offices after closing them in 2020 because of the COVID-19 pandemic. When asked about the spread of the Delta variant and its impact on the business, CEO Marc Benioff replied: “I don’t think the delta variant will be material to our business,” […] “If anything, it only accelerates it.”

In fiscal Q2 2022, Salesforce completed the $27.7 billion acquisition of the app company Slack. The company announced plans for tools targeting investment banks through Financial Services Cloud. Also, it will release Work.com software for employee wellness.

For the fiscal Q3, Salesforce raised its adjusted earnings per share outlook to $4.38 and $26.3 billion in revenue. The latter includes $530 million from Slack.

After the news hit the wires, Salesforce share price went up 3%. Disregarding the after-hours move, the company’s shares are up 17% since the beginning of the year, while USA500 added 20%.

Source: cnbc.com, finance.yahoo.com

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