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Salesforce Stock Jumps On Q2 Beat, Higher Full-Year Revenue Guidance

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Salesforce Stock Jumps On Q2 Beat, Higher Full-Year Revenue Guidance

Software company salesforce.com, inc. (NYSE: CRM) posted second-quarter revenue of $4 billion on Thursday, beating a $3.95-billion Street estimate, and EPS of 66 cents, 19 cents ahead of the consensus estimate.

The San Francisco-based company, which closed on the $15.7-billion acquisition of Tableau Software on Aug. 1, lifted its full-year fiscal 2020 revenue guidance from a range of $16.1 to $16.25 billion to a range of $16.75 billion to $16.9 billion.

The stock was trading higher by 5.4% to $156.25 in the after-hours session at the time of publication.

Subscription and support revenue totaled $3.75 billion in the second quarter, a 22% year-over-year increase, and professional services and other revenues accounted for $252 million — a 14% year-over-year increase.

"An enormous wave of digital transformation is sweeping across every industry, and major brands, like FedEx, AXA and Unicredit, turned to Salesforce in the quarter to propel their growth," co-CEO Keith Block said in a statement.

"The trust our customers have in us to drive their digital transformations is reflected in our strong quarterly results across our clouds and regions."

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Photo courtesy of Salesforce.

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