Shares of Salesforce (CRM) are up 6% after the cloud computing giant post second-quarter financial results that beat Wall Street forecasts.
The San Francisco-based company announced earnings per share (EPS) of $2.12 U.S. versus $1.90 U.S. that has been expected by analysts, according to Refinitiv data.
Revenue in Q2 totaled $8.60 billion U.S. compared to $8.53 billion U.S. that was anticipated. The company’s revenue increased 11% from a year earlier.
Looking ahead, Salesforce said it expects EPS of $2.05 U.S. to $2.06 U.S. on $8.7 billion U.S. to $8.72 billion U.S. in revenue for the current third quarter.
The guidance, which the company raised, is ahead of analysts’ forecasts for Q3 earnings of $1.83 U.S. per share and $8.66 billion U.S. in revenue.
Salesforce said it saw growth in all five of its product categories during this year’s second quarter and added that it sees further expansion through artificial intelligence (A.I.).
The company announced an A.I. Cloud that will include tools for marketing and data analytics.
Before today, Salesforce’s stock had risen 60% this year to trade at $215.04 U.S. per share, making it the best performing component of the Dow Jones Industrial Average so far in 2023.
