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Salesforce stock rose 8.99% after the enterprise software maker posted fiscal Q1 results that beat analysts’ expectations and upgraded its full-year earnings guidance.
Source: Salesforce
CRM up +8.99%, ORCL up +0.67%, Pre-market trading
The company’s adjusted earnings per share stood at 98 cents per share compared to 94 cents per share as estimated by analysts.
Salesforce’s revenue increased by 24% year over year in the quarter, which ended April 30. Net income plunged 94% to $28 million.
Salesforce stated revenue from its Service Cloud for handling customer-service inquiries earned $1.76 billion in revenue, a nearly 17% jump. Revenue from the core Sales Cloud product for managing business opportunities generated $1.63 billion, an almost 18% increase.
Salesforce expected its fiscal second-quarter earnings to improve slightly to around $1.01 to $1.02 per share and revenue from $7.69 billion to $7.70 billion.
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