Salesforce beat earnings and revenue estimates
Salesforce (CRM) reported its fiscal 2Q18[1. fiscal 2Q18 ended July 31, 2017] results on Tuesday, August 22. The company beat Wall Street’s earnings and revenue expectations. Salesforce generated revenues of ~$2.6 billion and is on track to hit revenues of $10.0 billion for fiscal 2018.
The company earned profits of $0.33 per share. Analysts were expecting revenues and earnings of ~$2.5 billion and $0.32 per share, respectively. Its revenues rose 26% from fiscal 2Q17. After beating expectations, the company’s stock fell briefly fell 3% in after-hours trading on Tuesday before recovering to unchanged. This slight dip may have occurred because its stock had risen 6% in the previous two weeks, and CRM stock has risen 30% in 2017 year-to-date.
Salesforce (CRM) expects its fiscal 3Q18 revenues to be ~$2.7 billion, slightly higher than analyst estimates of ~$2.6 billion.
The customer relationship management company increased its fiscal year guidance by $100 million. Salesforce has projected fiscal year revenues of $10.35 billion–$10.40 billion, which would be the first time the company could hit the $10.0 billion mark in annual revenues.
Attention turns toward the Dreamforce conference
Analysts are looking forward to Salesforce’s (CRM) annual Dreamforce conference, which will be held in San Francisco from November 6 to November 9. The company could announce and launch new products during the conference. The company’s Einstein AI (artificial intelligence) products could also be scrutinized at the conference.