July 7, 2022

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Salesforce Earnings (CRM) Q1 2023

Salesforce Earnings (CRM) Q1 2023

Marc Benioff, Co-CEO of Salesforce.com Inc. , speaks at a panel discussion at the World Economic Forum in Davos, Switzerland, on Tuesday, May 24, 2022.

Holly Adams | Bloomberg | Getty Images

sales force Shares rose 7% in extended trading Tuesday after the enterprise software company reported first-quarter financial results that beat analyst expectations and raised full-year earnings guidance.

Here’s how the company did:

  • gains: 98 cents per share, adjusted for, versus 94 cents per share, as expected by analysts, according to Refinitiv.
  • he won: $7.41 billion, versus the $7.38 billion analysts had expected, according to Refinitiv.

Salesforce revenue rose 24% year-over-year in the quarter ended April 30, according to A statement. Net income fell 94% to $28 million. The company saw smaller gains on investments in the quarter, and sales and marketing expenses increased.

Salesforce said revenue from Service Cloud to handle customer service inquiries generated $1.76 billion in revenue, up nearly 17%. Sales Cloud’s core business opportunity management product contributed $1.63 billion, an increase of nearly 18%.

“We just don’t see a material impact on the broader economic world that you’re all in,” Salesforce co-founder and CEO Mark Benioff said on a conference call with analysts.

In the Salesforce Quarter He said Sales Cloud, Service Cloud, and Marketing Cloud integrations for Slack have been launched in beta. Salesforce acquired Slack for $27.1 billion in July. The company also announce Safety Cloud launched to organize personal events during the quarter and its legal name change To Salesforce Inc. From Salesforce.com Inc. Salesforce was founded in 1999, in the midst of the internet frenzy.

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Benioff said the bursting of the internet bubble nearly put an end to Salesforce.

“In 2001, I think it really affected us, we almost lost our business, because we were on monthly contracts, we didn’t have the right cash flow structure, the investors weren’t giving us any money – so we made a lot of changes after that, and that really boosted our business. And it made us more permanent in overtime.”

In early March, after Russia invaded Ukraine, Salesforce He said She began to end customer relationships that she had built in Russia through vendors and other channels.

Salesforce said it has $13.64 billion in unearned revenue, which primarily comes from subscription bills. The number was just below the StreetAccount consensus of $13.76 billion.

Regarding guidance, Salesforce said it expects second-quarter financial earnings of $1.01 to $1.02 per share on an adjusted basis and revenue of $7.69 billion to $7.70 billion. Analysts polled by Refinitiv expected $1.14 in adjusted earnings per share on $7.77 billion in revenue.

Salesforce cut its entire fiscal year 2023 revenue guidance while strengthening its view on earnings. It is now seeing $4.74 to $4.76 per share in adjusted earnings and $31.7 billion to $31.8 billion in revenue. Analysts polled by Refinitiv expected $4.65 in adjusted earnings per share and $32.06 billion in revenue. Salesforce previously forecast adjusted earnings of $4.62 to $4.64 per share on $32.0 billion to $32.1 billion in revenue for the full year.

Despite the after-hours movement, Salesforce stock is down about 36% since the start of the year, while the broader S&P 500 is down 13% over the same period.

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Watch: Salesforce was born into a recession in 2001, says Chairman and Co-CEO Marc Benioff