Salesforce crushes Wall Street's targets in its latest results, but can't boost its struggling stock - SiliconANGLE

Salesforce crushes Wall Street’s targets in its latest results, but can’t boost its struggling stock

Salesforce Inc. delivered stronger-than-expected financial results today, but the software vendor came up short when it issued its current quarter and full-year revenue forecast. The stock barely moved in the after-hours trading session.

The company reported adjusted first quarter earnings per share of $3.88, crushing Wall Street’s forecast of just $3.12 per share. Revenue for the period rose 13% from a year earlier to $11.13 billion, surpassing the consensus estimate of $11.05 billion. Profitability increased too, with net income for the quarter coming to $2.11 billion, up from $1.54 billion in the year-ago quarter.

As for guidance, the company forecast earnings of between $3.25 to $3.27 per share in the second quarter, with revenue pegged at $11.27 billion to $11.35 billion. Wall Street is looking for earnings of $3.25 per share on sales of $11.36 billion.

For the full year, Salesforce said it’s anticipating earnings of between $14.06 and $14.12 per share on sales of $45.9 billion to $46.2 billion. The middle of its revenue forecast range, at $46.05 billion, implies growth of around 11%. Wall Street is modeling full-year earnings of $13.22 per share on higher revenue of $46.12 billion.