Salesforce spikes 29% on blockbuster earnings and boosted full-year forecast
rallied as much as 29% on Wednesday after reporting a better-than-expected quarterly performance and raising its full-year sales forecast.
The software giant beat estimates for second-quarter revenue and profits as corporate clients rushed to upgrade technology amid the work-from-home shift. Subscription and support revenue surged 29% year-over-year to $4.84 billion, signaling continued demand for its business systems even as some states reopen and office activity slowly resumes.$5.15 billion, versus the $4.9 billion estimate from economists surveyed by Bloomberg.between $20.7 billion and $20.8 billion, versus the $20.
"It's humbling to have had one of the best quarters in Salesforce's history against the backdrop of multiple crises seriously affecting our communities around the world," CEO Marc Benioff said in the report. Salesforce's morning surge led the S&P 500 and pushed the benchmark index slightly higher to a new record.
The guidance boost follows the company's decision in May to cut forecasts due to slowed client spending. Benioff touted Salesforce's new Work.com product - made to aid customers with remote work and reopening efforts - as an"incredible victory" and driver for the company's more optimistic outlook.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
We Asked 29 Women What 'Feeling Good' Looks Like Right NowWe asked 29 different women what still makes them 'feel good' in the midst of all the 'new normals' that characterize summer 2020.
Read more »
Republican National Convention Night 1 Down 29% From 2016The first night of the Republican National Convention was down in total viewership on both the 2016 edition, and the opening night of this year’s Democratic National Convention. In total, jus…
Read more »
29 Stylish Pairs Of Shoes That Reviewers Truly LoveA wide range of styles that a loooooot of people love.
Read more »
29 Fashion Trends From the '00s That Play on Slow Loop In Your NightmaresOh, the early aughts...what a time.
Read more »
29 Stylish Men’s Sandals for SummerSlides, slingbacks, and gladiators meant to free your toes.
Read more »