Earnings Results: Salesforce stock surges more than 5% as outlook tops Street expectations

by | Aug 30, 2023 | Stock Market

Salesforce Inc. shares rallied in the extended session Wednesday after the customer-relations management software giant’s earnings outlook topped Wall Street expectations. Salesforce
shares rallied as much as 6% after hours, following a 1.5% rise to close the regular session at $215.04.

Salesforce forecast third-quarter adjusted earnings of $2.05 to $2.06 a share on revenue of $8.7 billion to $8.72 billion, while analysts expect, on average, $1.84 a share on revenue of $8.67 billion. For the year, Salesforce expects adjusted earnings of $8.04 to $8.06 a share on revenue of $34.7 billion to $34.8 billion. Analysts expect $7.42 a share on revenue of $34.66 billion. The report serves as a run-up to the company’s annual Dreamforce conference, to be held Sept. 12-14 at San Francisco’s Moscone Center. Don’t miss: Salesforce is hosting the biggest AI show in the U.S. in a few weeks The company reported second-quarter net income of $1.27 billion, or $1.28 a share, compared with $68 million, or 7 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation and other expenses, came in at $2.12 a share, up from $1.19 a share in the year-ago period. Revenue rose to $8.6 billion from $7.72 billion in the year-ago period. Wall Street analysts, on average, forecast fiscal second-quarter earnings of $1.90 a share on revenue of $8.53 billion. Also: Salesforce CEO Marc Benioff warns upcoming Dreamforce may be last in San Francisco

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