Stronger-than-expected Q1 earnings for Salesforce

Stronger-than-expected Q1 earnings for Salesforce

The US cloud computing service specialized in customer relationship management (CRM) issued earnings that topped expectations

According to Gavin Patterson, Salesforce’s chief revenue officer, no single area was slower than others in the quarter even though different parts of the world reopened their economies to varying degrees.

Salesforces reported an adjusted EPS of $1.21 on revenues of $5.96 billion. Analysts were looking for an EPS of 88 cents and revenue of $5.89 billion. Revenue marked a 23% increase year-over-year in the fiscal first quarter. At the same time, the company’s core Sales Cloud product delivered $1.39 billion in revenue, up 11%.

For Q2, Salesforce expects its adjusted EPS to reach a high of 92 cents and revenue to hit $6.23 billion. Moreover, for full fiscal 2022, the company expects a revenue increase of 22% to $26 billion. The guidance surpassed analysts’ outlook.

Following the news, Salesforce stock price went up 5% in extended trading.

Sources: cnbc.com

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