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Salesforce revenues at a new record high

26 August 2021
2 min.
Salesforce revenues at a new record high

The company's earnings

After Salesforce reported its most incredible quarter in the company's history, its shares rose. Also, the company safely completed a deal with Slack, at the same time that the app's revenues rose 39% for the quarter.

Salesforce (CRM) released its financial report for Q2 FY2022 on Wednesday, which ended 31 July.

The reporting quarter's revenues and profits for the world's number one digital customer relationship management (CRM) platform, as well as its forecasts for the current quarter and the full fiscal year, were above Wall Street's average estimates.

As a result, the company's shares are up 2% after this week's close of trading on Wednesday.

Salesforce's cloud-based CRM applications offer easy-to-implement solutions for improving sales, service, marketing and more, which do not require an IT expert to set up or manage.

Salesforce report

Earnings per share rose to $1.48, above market analysts' average estimate of $0.92.

Total quarterly revenues rose 23% to a record $6.34 billion, beating Wall Street expectations of $6.24 billion. It was the company's first quarter with sales of more than $6 billion.

On 21 July, Salesforce completed its $27.7bn acquisition of Slack, an app created for teams to work remotely. According to Amy Weaver, Salesforce's chief financial officer, Slack's revenues were up 39% for the quarter.

Last week Salesforce said that the combined Slack and Salesforce 360 platform, called Slack-First Customer 360, had major customers such as IBM (IBM) and Sonos.

Salesforce forecasts

Third-quarter earnings of $0.91-$0.92 per share above estimates of $0.82, revenue of $6.78-$6.79 billion above expectations of $6.66 billion.

Salesforce raised its full-year earnings forecast to $4.36-$4.38 per share against estimates of $3.82, its FY2022 revenue forecast was raised to $26.2-$26.3 billion, also above average analyst expectations of $26.01 billion.

Salesforce's full-year revenue guidance includes $530 million from Slack, which is $30 million more than the company forecasted a quarter earlier.

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