salesforce.com, inc. (NYSE:CRM) reported upbeat results for its first quarter, but issued weak guidance for the second quarter and FY21.
The San Francisco-based salesforce reported total first quarter revenue was $4.87 billion, an increase of 30% year-over-year, and 31% in constant currency. Subscription and support revenues for the quarter were $4.58 billion, an increase of 31% year-over-year. Professional services and other revenues for the quarter were $290 million, an increase of 20% year-over-year.
First-quarter GAAP earnings per share was $0.11, and non-GAAP diluted earnings per share was $0.70. Mark-to-market accounting of the company's strategic investments, required by ASU 2016-01, benefited GAAP earnings per share by $0.16 based on a U.S. tax rate of 25% and non-GAAP diluted earnings per share by $0.16 based on a non-GAAP tax rate of 22%.
Cash generated from operations for the first quarter was $1.86 billion, a decrease of 5% year-over-year. Total cash, cash equivalents and marketable securities ended the first quarter at $9.80 billion.
Said CEO Marc Benioff, "We made long-term investments in keeping our employees safe, supporting our customers, delivering crucial innovation like Work.com, and helping our communities with PPE, grants, and technology.
"The pandemic showed us that digital is an imperative for every company, and we're confident Salesforce will continue to accelerate as we bring our customers into the new normal."
As of Thursday, CRM is initiating its revenue guidance, GAAP earnings per share guidance, non-GAAP earnings per share guidance, and current remaining performance obligation growth guidance for the its second quarter of fiscal year 2021.
CRM gave back $8.37, or 4.6%, to $172.73
