Home / Tech / Salesforce's stock is up 7% after beating Wall Street's expectations (CRM)

Salesforce's stock is up 7% after beating Wall Street's expectations (CRM)

Marc Benioff Salesforce.JPG

  • Salesforce’s stock rose 7% after the bell on Thursday after it topped Wall Street’s expectations.
  • It reported a revenue of $4 billion, up 22% from this time last year.
  • It also raised its guidance for the year and next quarter.
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Salesforce’s stock popped 7% in after market trading Thursday after the cloud software company topped Wall Street expectations and delivered a rosy forecast for the current quarter.

Its revenue for this quarter increased 22% from this time last year.

Salesforce also raised its guidance for the entire year to $16.9 billion. Previously, it was $16.10 to $16.25 billion. On the earnings call, co-CEO and chairman Marc Benioff cited Salesforce’s acquisition of Tableau as one reason for its raised guidance.

Read more: Salesforce’s surprise $15.7 billion acquisition of Tableau is a shot at Microsoft and SAP

“The trust our customers have in us to drive their digital transformations is reflected in our strong quarterly results across our clouds and regions,” Keith Block, co-CEO of Salesforce, said in a statement.

Here’s what Salesforce reported:

  • EPS (adjusted): $0.66. Analysts forecasted $0.47.
  • Revenue: $4 billion. Wall Street expected $3.95 billion.
  • EPS (next quarter): $0.65 to $0.66. Analysts predicted $0.61.
  • Revenue (next quarter):$4.44 billion to $4.45 billion. Wall Street expected $4.25 billion.

Just July, Salesforce announced a partnership with Chinese cloud and e-commerce giant Alibaba. Analysts said this would give Salesforce more business opportunities in China and the rest of the Asia-Pacific region.

We’re excited about our new relationship with Alibaba,” Block said on the earnings call.

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