Salesforce Stock Advances After Outlook Raise, Strong Quarterly Sales

Dow Jones08-29

Salesforce shares erased trading day losses after the company raised full-year earnings guidance and logged strong second-quarter results.

The stock rose 3.7% to $268.45 in after hours trading. Shares fell 2% during the day's trading session.

The business software provider said after the bell that revenue in the quarter ended July 31 jumped 8% to $9.33 billion, beating analyst projections for $9.22 billion, according to FactSet. Subscription and support revenue, which makes up most of the company's business, rose 9% to $8.76 billion.

Salesforce is maintaining its revenue outlook for the year, but lifted its adjusted earnings target to $10.03 to $10.11 a share from a prior range of $9.86 to $9.94 a share.

Chief Financial Officer Amy Weaver said operating margins closed the second quarter at record highs.

Separately on Wednesday, Salesforce said Weaver has decided to resign. She will vacate the C-suite once her successor is found and serve as an adviser to the company from that point.

Salesforce's quarter, by the numbers:

-- Revenue rose 8% to $9.33 billion, topping forecasts for $9.22 billion from analysts polled by FactSet.

-- Profit came in at $1.43 billion, or $1.47 a share, compared with $1.27 billion, or $1.28 a share, in the same quarter a year ago.

-- Adjusted earnings, which strip out one-time items, were $2.56 a share. Analysts had been expecting $2.35 a share, according to FactSet.

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