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Salesforce Reports Q3 Earnings Beat, Confirms $27B Slack Acquisition

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Salesforce Reports Q3 Earnings Beat, Confirms $27B Slack Acquisition

Salesforce.com (NYSE: CRM) shares are trading lower after the company reported third-quarter results and announced it will acquire Slack Technologies (NYSE: WORK).

The company reported quarterly earnings of $1.74 per share, which beat the analyst consensus estimate of 75 cents by 132%. This is a 132% increase over earnings of 75 cents per share from the same period last year.

Salesforce reported quarterly sales of $5.42 billion, which beat the analyst consensus estimate of $5.25 billion by 3.24%. This is a 20.10% increase over sales of $4.51 billion in the same period last year.

The company raised fiscal 2021 sales guidance to $21.1-$21.11 billion versus $20.8 billion estimate.

Salesforce confirmed last week's reports that it will acquire Slack, in a deal worth about $27.7 billion.

"Stewart and his team have built one of the most beloved platforms in enterprise software history, with an incredible ecosystem around it," said Marc Benioff, Salesforce CEO. "This is a match made in heaven. Together, Salesforce and Slack will shape the future of enterprise software and transform the way everyone works in the all-digital, work-from-anywhere world. I'm thrilled to welcome Slack to the Salesforce Ohana once the transaction closes."

Salesforce shares were trading down 3.3% in Tuesday's after-hours session. The stock has a 52-week high of $284.50 and a 52-week low of $115.29.

 

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