Salesforce Falls Despite Q2 Earnings Beat

Salesforce.com, inc. CRM shares sank despite delivering a record second-quarter earnings and sales beat.

Salesforce reported Q2 adjusted earnings of 33 cents per share, beating estimates by a penny. Sales came in at $2.56 billion, representing a 26 percent year-over-year growth rate and topping estimates by $50 million.

The company also raised its full year outlook.

See Also: All The Price Targets And Ratings On Salesforce

"We had a phenomenal quarter of growth, reaching a huge milestone for the company, becoming the first enterprise cloud software company to break the $10 billion revenue run rate," said CEO Marc Benioff. "We did this faster than any other enterprise software company in history. Our continued momentum as the leader in CRM, the fastest-growing segment of our industry, combined with more than $15 billion in billed and unbilled deferred revenue, puts us well on the path to $20 billion and beyond."

Salesforce briefly passed a 52-week high following the report, but retreated by shedding nearly 3 percent in after-hours trading.

At time of publication, shares traded down about 1.5 percent at $91.40.

Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsAfter-Hours CenterMoversSalesforce
We simplify the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...