Salesforce.com, Inc. (NYSE: CRM)
Salesforce reported strong first-quarter fiscal 2019 results after markets closed on Tuesday. The cloud computing company easily surpassed analysts’ projections for the period ended April 30, 2018.
Further, the company raised its profit and revenue guidance for the full year as it continues to enjoy a rapidly growing demand for its software products and services.
At the time of writing, CRM stock was trading at $126.88 during Wednesday’s premarket trading session after gaining $6.50, or 5.12%.
CRM Earnings & Outlook
Salesforce posted adjusted earnings per share of 74 cents on a revenue of $3.01 billion, up 22% in constant currency, and 25% year-over-year basis. Analysts had projected earnings per share of 46 cents on a revenue of $2.94 billion.
Subscription and support revenues increased 27% year-over-year to $2.81 billion. The company derives most of its revenues from subscriptions and support services.
The company said it expects adjusted earnings per share of between 46 cents and 47 cents on a revenue of between $3.22 billion and $3.23 billion for the second quarter.
According to analysts surveyed by Thompson Reuters, the company will report adjusted earnings per share of 52 cents on revenue of $3.11 billion.
Salesforce CEO Comments
Salesforce Chairman and Chief Executive Officer, Mr. Marc Benioff offered the following remarks on the company’s performance: “Salesforce delivered more than $3 billion in revenue in the first quarter, surpassing a $12 billion annual revenue run rate. Our relentless focus on customer success is yielding incredible results, including delivering nearly two billion AI predictions per day with Einstein.”
Salesforce.com, Inc. Company Profile
Salesforce.com, Inc. engages in the development of enterprise cloud computing services that are targeted at customer relationship management. It offers Service Cloud to enable organizations to deliver customized customer support and service.
The company also has a field service solution, which allows organizations to connect mobile employees, agents, and dispatchers via a centralized platform where they can manage and track work, and schedule and dispatch jobs in real-time.
Salesforce also provides Marketing Cloud to optimize, personalize and organize customer marketing interactions; Community Cloud to enable companies to manage and create digital-branded destinations for employees, customers, and partners; and Commerce Cloud, to enable companies enhance conversion, engagement, revenue, and customer loyalty.
It also provides Sales Cloud for monitoring leads and progress, forecasting opportunities, storing data, and gaining insights through relationship intelligence and analytics, as well as delivering invoices, quotes, and contracts.
In addition, it provides Quip collaboration platform that combines apps, documents, chat, and spreadsheets with live CRM data.
Its Salesforce Platform enables it to build enterprise apps, artificial intelligence, and integration services, including Analytics, Einstein AI, Trailhead, Heroku, Lightning, AppExchange, and Internet of Things; and a variety of solutions for government, healthcare and financial services.
The company also provides professional cloud services, including training services; implementation and consulting services; and adoption and support programs. Its avails its services through direct sales, partners, system integrators, and consulting firms. Salesforce.com, Inc. is based in San Francisco, California. –Reuters