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Salesforce beats Q1 estimates – stock jumps in after-hours

1 June 2022 By Klavs Valters

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Salesforce Inc. (CRM) reported its first quarter financial results after market close on Tuesday. The company beat both revenue and earnings per share estimates.

World’s leading customer relationship management reported revenue of $7.411 billion for the quarter vs. $7.328 billion expected.

Earnings per share reported at $0.98 per share for the quarter vs. $0.94 per share estimate.

”We had another great quarter, delivering $7.4 billion in revenue, up 24% year-over-year,” said Marc Benioff, Co-CEO of the company following the latest results.

”There is no greater measure of our resilience and the momentum in our business than the $42 billion we have in remaining performance obligation, representing all future revenue under contract. While delivering incredible growth at scale, we’re committed to consistent margin expansion and cash flow growth as part of our long-term plan to drive both top and bottom line performance,” Benioff added.

Bret Taylor, Co-CEO of Salesforce also commented on the results: ”Our financial results once again demonstrate the strength and durability of our business model as we continue to see strong demand from customers across the entire Customer 360 portfolio.”

”Salesforce has become even more strategic and relevant to our customers as we are providing them with the agility and resilience they need to drive growth and efficiency in these uncertain economic times,” Taylor added.

Salesforce Inc. (CRM) chart

Shares of Salesforce were down by 2.94% at the end of trading on Tuesday at $160.58 per share. The share price rose in the after-hours trading by over 7%.

Here is how the stock has performed in the past year:

  • 1 Month -9.76%
  • 3 Month -23.89%
  • Year-to-date -36.95%
  • 1 Year -32.70%

Salesforce price targets

  • Jefferies $260
  • Barclays $208
  • Well Fargo $225
  • Mizuho $225
  • UBS $185
  • Morgan Stanley $291

Salesforce Inc. is the 70th largest company in the world with a market cap of $159.26 billion.

You can trade Salesforce Inc. (CRM) and many other stocks from the NYSE, NASDAQ, HKEX and the ASX with GO Markets as a Share CFD.

Sources: Salesforce Inc., TradingView, MarketWatch, Benzinga, CompaniesMarketCap

Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice. If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.

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