[ad_1]
Shares of Salesforce.com Inc. advanced Tuesday during the extended session after the client relationship management software company posted earnings above Wall Street estimates and raised its outlook for the year.
Salesforce
CRM + 3.94%
equities, which had almost lost a loss after hours, rose 3.2% for the extended session, after a 4% increase to close the regular session at $ 150.92. In comparison, the S & P 500 index
SPX, + 2.14%
closed up 2.1%, the Nasdaq Composite Index
COMP + 2.65%
2.7%, and the iShares Expanded Tech-Software Sector ETF
IGV, + 3.41%
rose 3.4% on Tuesday.
On the call, Marc Benioff, president and co-CEO of Salesforce, updated the company's long-term revenue forecast for the next four years.
"We are well positioned to continue to double our revenues organically. Again, over the next four years, we will have reached our revenue target of $ 26 billion to $ 28 billion for fiscal year 2023, "said Benioff.
The company reported net income of $ 392 million in the first quarter, or 49 cents per share, compared with $ 344 million, or 46 cents per share, for the same period last year. Adjusted earnings were 93 cents per share.
Of the 37 analysts surveyed by FactSet, Salesforce is expected to average adjusted earnings of 61 cents per share, up from 74 cents adjusted per share in the corresponding quarter of the previous year.
Revenues reached $ 3.74 billion, compared to $ 3.01 billion in the same quarter of the previous year. Analysts had forecast sales of $ 3.69 billion from Salesforce, according to 33 analysts surveyed by FactSet.
Salesforce expects adjusted earnings of between 46 and 47 cents per share for a turnover of $ 3.94 billion to $ 3.95 billion for the second quarter, and a profit of $ 2.88 to $ 2.90 per action for a turnover of 16.10 billion to 16.25 billion dollars.
Analysts expect a profit of 65 cents per share on revenue of $ 3.94 billion in the second quarter and $ 2.67 per share on revenue of $ 16.14 billion for the year.
Of the 43 analysts who cover Salesforce, 40 have a purchase or overweight rating, three have a holding rating, and none has an odds or underweight, with an average price target of 182.59. $, according to FactSet.
[ad_2]
Source link