Salesforce.com Inc. shares rose in the extended session Thursday after the cloud-based customer-relationship management company topped Wall Street estimates and raised its outlook for the year.
Salesforce CRM,
Salesforce reported fiscal first-quarter net income of $469 million, or 50 cents a share, compared with $99 million, or 11 cents a share, in the year-ago period. Adjusted earnings were $1.21 a share, compared with 70 cents a share in the year-ago period.
Revenue rose to $5.96 billion from $4.87 billion in the year-ago quarter.
Analysts surveyed by FactSet had estimated earnings of 88 cents a share on revenue of $5.89 billion, based on Salesforce’s forecast of 88 cents to 89 cents a share on revenue of $5.88 billion to $5.89 billion back in February.
“We had the best first quarter in our company’s history,” said Marc Benioff, Salesforce chairman and chief executive, in a statement. “We believe our Customer 360 platform is proving to be the most relevant technology for companies accelerating out of the pandemic.”
“We’re on our path to reach $50 billion in revenue in FY26,” Benioff added.
Salesforce expects adjusted second-quarter earnings of 91 cents to 92 cents a share on revenue of $6.22 billion to $6.23 billion, while analysts had forecast 87 cents a share on revenue of $6.17 billion.
For fiscal 2022, Salesforce forecasts adjusted earnings of $3.79 to $3.81 a share on revenue of $25.9 billion to $26 billion, with analysts expecting $3.44 a share on revenue of $25.75 billion. Previously, Salesforce had forecast $3.39 to $3.41 a share on revenue of $25.65 billion to $25.75 billion.
The full-year outlook includes about $500 million in revenue from the company’s $27.7 billion acquisition of Slack Technologies Inc. WORK,
Over the past 12 months, Salesforce shares have advanced 28%, while the iShares Expanded Tech-Software Sector ETF IGV,
