Salesforce increases earnings prospects, stocks rise
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Salesforce Inc increased its full-year adjusted earnings forecast due to strong demand for its software as companies look to improve efficiency.
The shares in the company traded 8% higher after opening hours.
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Salesforce raised its earnings estimate for the period ending January to $ 4.75 per share from its previous forecast of $ 4.63.
The Salesforce logo is depicted on a building in San Francisco, California. REUTERS / Lily Jamali (Reuters / Lily Jamali / Reuters photos)
The company reported revenue of $ 7.41 billion, up from $ 5.96 billion in the quarter last year and tops estimates.
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The company’s sales prospects for the current quarter fell below Wall Street estimates. Salesforce sees second-quarter revenue of $ 7.69 billion to $ 7.70 billion; The average analyst estimate was $ 7.77 billion.
| Ticker | Safety | Last | Change | Change% |
|---|---|---|---|---|
| CRM | SALESFORCE INC. | 161.30 | -3.79 | -2.30% |
Salesforce reported earnings of $ 28 million, or 3 cents per share, compared to $ 469 million, or 50 cents per share, a year earlier. Adjusted earnings per share were 98 cents, down from $ 1.21 in the quarter last year.
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Salesforce was among the cloud-based business service providers that saw an increase in sales during the COVID-19 pandemic as they set up home offices.
Reuters contributed to this report.
