• It raised its earnings expectations from $4.74 to $4.76 per share in adjusted earnings
Salesforce (NASDAQ: CRM) shares jumped as much as 15% on Wednesday after reporting upbeat results for the quarter-ended April 30. The company raised its full-year earnings guidance, while lowering its revenue guidance for the full 2023 fiscal year while boosting its profit view.
The company’s revenue rose 24% year over year in the quarter. It raised its earnings expectations from $4.74 to $4.76 per share in adjusted earnings and $31.7 billion to $31.8 billion in revenue.
Different revenue streams
Salesforce said revenue from its Service Cloud for handling customer-service inquiries generated $1.76 billion in revenue, up almost 17%.
Revenue from the core Sales Cloud product for managing business opportunities contributed $1.63 billion, up about 18%.
Salesforce said it had $13.64 billion in unearned revenue, which primarily comes from subscription billings.
Notwithstanding the after-hours move, Salesforce stock has moved about 36% lower since the start of the year, while the broader S&P 500 index has declined 13% over the same period.
Source: Salesforce
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