Salesforce Boosts Profit Outlook, Shares Rise | The Salesmark

Salesforce Boosts Profit Outlook, Shares Rise

Salesforce Boosts Profit Outlook, Shares Rise

Salesforce Inc increased its full-year adjusted profit forecast on strong demand for its software as companies look to improve efficiencies.

Shares of the company traded 8% higher in the after-hours session.

Salesforce raised its profit estimate for the period ending in January to $4.75 per share from its prior forecast of $4.63.

The company reported revenue of $7.41 billion, up from $5.96 billion in the year-ago quarter and topping estimates.

The company’s sales outlook for the current quarter fell below Wall Street estimates. Salesforce sees second-quarter revenue of $7.69 billion to $7.70 billion; the average analyst estimate was for $7.77 billion.

Salesforce reported earnings of $28 million, or 3 cents a share, compared with $469 million, or 50 cents a share, a year earlier. Adjusted per-share earnings were 98 cents, down from $1.21 in the year-ago quarter.

Salesforce was among the cloud-based business services providers that saw a sales increase during the COVID-19 pandemic as worked set up home offices.

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