Salesforce handily beat its first quarter revenue and earnings targets and said it expects to reach $50 billion in revenue in fiscal 2026.
The company reported first quarter earnings of 50 cents a share on revenue of $5.96 billion. Non-GAAP earnings in the quarter were $1.21 a share.
Wall Street was looking for first quarter revenue of $5.89 billion with non-GAAP earnings of 88 cents a share.
Amy Weaver, Salesforce CFO, said the company saw “record levels of new business and strength across all products, regions, and customer sizes.”
CEO Marc Benioff said Salesforce’s Customer 360 platform is resonating with companies with accelerating growth as economies reopen.
Headlines in the quarter include:
For the fiscal second quarter, Salesforce projected revenue of $6.22 billion to $6.23 billion, up about 21%. For the second quarter, Wall Street was modeling non-GAAP earnings of 86 cents a share on revenue of $6.15 billion.
Salesforce also raised its fiscal 2022 outlook and projected revenue of $25.9 billion to $26 billion with non-GAAP earnings of $3.79 a share to $3.81 a share. The outlook includes contribution of the Slack acquisition, which is now expected to close near the end of the second quarter.
Wall Street was modeling fiscal 2022 earnings of $3.43 a share on revenue of $25.76 billion.
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