Shares of Salesforce (CRM) are up 9% today after the cloud computing giant raised its annual
profit forecast and said that demand for business software remains strong despite
macroeconomic headwinds.
Salesforce forecast that its earnings this year will amount to $4.74 U.S. to $4.76 U.S. a share,
an increase of $0.12 a share from the company’s previous forecast. Revenue is expected to
total $31.8 billion U.S. Analysts, on average, had estimated the San Francisco-based
company’s annual profit to come in at $4.68 U.S. per share this year, according to Refinitiv data.
In the company’s fiscal first quarter, revenue increased 24% to $7.41 billion U.S., beating Wall
Street projections. Profit came in at $0.98 U.S. a share, compared with analysts’ average
estimate of $0.95 U.S.
Salesforce’s share price climbed as high as $170.89 U.S. in extended trading after closing at
$160.24 U.S. in New York trading yesterday (May 31). The stock has declined 37% this year
amid a broad technology selloff.
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