Salesforce Inc (CRM)

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Is Salesforce Back After Q2?
By: 24/7 Wall St. | August 22, 2019

Salesforce.com, Inc. (NYSE: CRM) released its fiscal second-quarter financial results after the markets closed on Thursday. The firm said that it had $0.66 in earnings per share (EPS) and $4.0 billion in revenue, compared with consensus estimates that called for $0.47 in EPS and $3.95 billion in revenue. The same period from last year had $0.71 in EPS and $3.28 billion in revenue.

During the quarter, revenues grew 22% year over year, and 23% in constant currency.

Subscription and support revenues were $3.75 billion, an increase of 22%. Professional services and other revenues increased 14% to $252 million.

Looking ahead to the fiscal third-quarter, the company expects to see EPS in the range of $0.65 to $0.66 and revenue in the range of $4.44 billion to $4.45 billion. Consensus estimates are calling for $0.61 in EPS and $4.25 billion in revenue for the coming quarter.

Marc Benioff, chairman & co-CEO of Salesforce, commented:

Following an outstanding quarter, we’re raising our FY20 revenue guidance to $16.9 billion at the high-end of the range. With our Customer 360 vision, Einstein AI and the millions of Trailblazers innovating on our platform, Salesforce has never been better positioned for the future.

Shares of Salesforce closed at $148.33, with a 52-week range of $113.60 to $167.56. The consensus analyst price target is $182.72. Following the announcement, the stock is up about 4% at $154.12 in the after-hours session.

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