Stronger than expected first-quarter earnings sent Salesforce stock price up by 4.72%.
Salesforce.com Inc. shares rose during after-hours trading on Thursday as the company’s first-quarter earnings topped Wall Street estimates.
The cloud-based customer relationship management company’s earnings report for the quarter ending 30 April revealed revenue of $5.96 billion, of which $5.54 billion accounted for subscription and support revenues. The total revenue for the quarter surpassed analysts’ forecast of $5.89 billion on adjusted earnings of $0.88 per share.
The revenue for this past quarter is up by 23% year-over-year on a first-quarter generally accepted accounting principles (GAAP) margin of 5.9% and a non-GAAP operating margin of 20.2%.
Salesforce’s stock price is up 4.72% in after-hours trading, currently changing hands at $236.50. The before-hours trading volume stands at 14.6k.
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Salesforce CEO Marc Benioff said in a statement this is “the best first quarter” in the company’s history. But it looks as if the future might hold even more lucrative opportunities.
The company is reporting a spike in new business, with an uptake for its services seen across all products, and regions. Investors are likely to be encouraged by the reports as well as revised figures for the fiscal year to buy more.
“With incredible momentum throughout our core business, we’re raising our revenue guidance for this fiscal year by $250 million to approximately $26 billion and non-GAAP operating margin to 18 percent. We’re on our path to reach $50 billion in revenue in FY26,” he added.