Salesforce boosts profit outlook, shares rise
Salesforce raised its profit estimate for the period ending in January to $4.75 per share from its prior forecast of $4.63.
Salesforce Inc increased its full-year adjusted profit forecast on strong demand for its software as companies look to improve efficiencies.
Shares of the company traded 8% higher in the after-hours session.
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Salesforce raised its profit estimate for the period ending in January to $4.75 per share from its prior forecast of $4.63.
The Salesforce logo is pictured 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 year-ago quarter and topping estimates.
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The company’s sales outlook 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 for $7.77 billion.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CRM | SALESFORCE INC. | 331.00 | -12.21 | -3.56% |
Salesforce reported earnings of $28 million, or 3 cents a share, compared with $469 million, or 50 cents a share, a year earlier. Adjusted per-share earnings were 98 cents, down from $1.21 in the year-ago quarter.
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Salesforce was among the cloud-based business services providers that saw a sales increase during the COVID-19 pandemic as worked set up home offices.
Reuters contributed to this report.