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published in Blogs
May 28, 2021
Salesforce (CRM, $239.37) beats Q1 expectations

Salesforce (CRM, $239.37) beats Q1 expectations

Cloud-based software company Salesforce  exceeded analysts’ expectations on first-quarter earnings.

The company’s adjusted earnings came in at $1.21 a share, well above the 88 cents per share expected by analysts polled by Refinitiv.

Revenue for the quarter climbed +23% year-over-year to $5.96 billion, vs. $5.89 billion as expected by analysts, according to Refinitiv.

Revenue generated by Salesforce’s core Sales Cloud product was up +11% year-over-year.

The Platform and Other segment that includes the MuleSoft and Tableau products, (Salesforce’s top segment for subscription and support revenue) grew +28%.

For the fiscal second-quarter,  Salesforce expects 91 cents to 92 cents in adjusted earnings per share, compared to analysts’ forecast of 86 cents. The company projects revenue to be between o $6.22 billion to $6.23 billion, higher than analysts’ estimate of  $6.15 billion.

For the full 2022 fiscal year, Salesforce projects adjusted earnings in the range of $3.79 to $3.81 per share – higher than analysts’ expectation of $3.43 . While Salesforce predicts revenue $25.9 billion to $26.0 billion (22% growth), analysts polled by Refinitiv expect $25.76 billion in revenue.

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