Shares of Salesforce.com Inc (CRM) gained over 5% in extended trading hours on Thursday after the company lifted its financial outlook for the full year 2022.
Looking forward, the cloud-based enterprise software marker now expects adjusted earnings of $3.79 to $3.81 per share and revenues of $25.9 billion to $26.0 billion. Analysts polled by Thomson Reuters currently estimate earnings of $3.43 per share and revenues of $25.76 billion for the period.
Previously, the company expected earnings of $3.39 to $3.41 per share and revenues of $25.65 billion to $25.75 billion.
Commenting on the results and outlook, CEO Marc Benioff said, "We believe our Customer 360 platform is proving to be the most relevant technology for companies accelerating out of the pandemic. With incredible momentum throughout our core business, we're raising our revenue guidance for this fiscal year by $250 million to approximately $26 billion and non-GAAP operating margin to 18 percent."
Benioff added that the company is on "path to reach $50 billion in revenue" in full year 2026.
For the second quarter, the company expects adjusted earnings of $0.91 to $0.92 per share and revenues of $6.22 billion to $6.23 billion. Analysts currently estimate earnings of $0.85 per share on revenues of $6.15 billion.
For the first quarter, the company reported profit of $469 million or $0.50 per share, up from $99 million or $0.11 per share last year. Adjusted earnings were $1.14 billion or $1.21 per share for the period. Analysts estimated earnings of $0.88 per share for the quarter.
First-quarter revenues rose 22.4% to $5.96 billion from $4.87 billion last year. Analysts had a consensus revenue estimate of $5.89 billion for the quarter.
"Our performance in the first quarter was strong across all financial metrics," said Amy Weaver, President and Chief Financial Officer, Salesforce. "We saw record levels of new business and strength across all products, regions, and customer sizes.
CRM closed Thursday's trading at $225.83, down $3.85 or 1.68%, on the NYSE. The stock, however, gained $11.52 or 5.10%, in the after-hours trading.
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