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Investing.com — Salesforce on Wednesday lifted annual guidance after reporting second-quarter results that topped Wall Street estimates as the software company touted improved demand for the second half of the year.
Salesforce (NYSE:CRM) shares gained 6% in after-hours trade following the report.
Salesforce.com reported adjusted EPS of $2.21 on revenue of $8.60 billion. Analysts polled by Investing.com anticipated EPS of $1.9 on revenue of $8.53B.
Subscription and support revenues for the quarter were $8.60B, an increase of 11% year-over-year. Professional services and other revenues for the quarter were $600M, an increase of 3% year-over-year.
Looking ahead, the company lifted its annual guidance, as demand and margins are expected to improve in the back half of the year.
For the full-year 2024, adjusted EPS was guided in a range of $8.04 to $8.06, up from $7.41 to $7.43 previously. While revenue was guided in a range of $34.7B to $34.8B, up from a prior estimate of $34.5B to $34.7B. That topped analysts estimates for annual EPS of $7.45 on revenue of $34.65B.
Operating margin and operating cash flow growth was raised to 13.3% and a range of 22% to 23%, respectively. That compared with a prior estimate for margins of 11.4% and operating cash flow growth of 16% to 17%.
Third-quarter adjusted EPS was expected in a range of $2.05 to $2.06 on revenue of between $8.70B and $8.72B, topping Wall Street estimates of $1.82 and $8.67B, respectively.
Source: Investing.com
