© Reuters Salesforce shares jump 6% from first-quarter earnings
Salesforce (NYSE 🙂 shares rose more than 6% after work Tuesday after the company’s Q1 results, with the $ 0.98 EPS coming in better than the $ 0.94 consensus estimate.
Revenue grew by 24% year-on-year to $ 7.41 billion compared to the consensus estimate of $ 7.38 billion. Subscription and support revenue grew 24% year-over-year to $ 6.86 billion, and Professional Services and Other Revenue grew 30% year-over-year to $ 0.56 billion.
“There is no greater measure of our resilience and momentum in our business than the $ 42 billion we have in the remaining performance obligation, which represents all future revenue under contract,” said Co-CEO Marc Benioff.
The company expects revenue in Q2 / 23 to be in the range of $ 7.69-7.7 billion compared to the consensus estimate of $ 7.77 billion. Non-GAAP EPS is expected to be $ 1.01- $ 1.02, against consensus of $ 1.14.
For the full 2023 year, revenue is expected to be in the range of $ 31.7-31.8 billion, compared to the consensus estimate of $ 32.06 billion. EPS is expected to be $ 4.74- $ 4.76, against a consensus of $ 4.65.
By Davit Kirakosyan