Salesforce Raises Earnings Outlook, Stocks Rise

Salesforce Inc raised its full-year adjusted earnings forecast on strong demand for its software as companies seek to improve efficiency.

Shares of the company traded 8% higher in the after-hours session.

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Salesforce raised its earnings estimate for the period ending in January to $4.75 a share from its previous forecast of $4.63.

Sales force

The Salesforce logo is displayed 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 prior year quarter and beating estimates.

SALESFORCE INTRODUCES ‘TRAILBLAZER RANCH’ TO RECONNECT REMOTE EMPLOYEES

The company’s sales outlook for the current quarter fell short of Wall Street estimates. Salesforce sees second-quarter revenue of $7.69 billion to $7.70 billion; the average analyst estimate was $7.77 billion.

Heart Security Latest Change Change %
crms SALESFORCE INC. 161.30 -3.79 -2.30%

Salesforce reported earnings of $28 million, or 3 cents a share, compared with $469 million, or 50 cents a share, a year earlier. Adjusted earnings per share were 98 cents, down from $1.21 in the prior year quarter.

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Salesforce was one of the cloud-based business service providers that saw a surge in sales during the COVID-19 pandemic by setting up home offices.

Reuters contributed to this report.

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