Salesforce.com, inc. (NYSE:CRM) posted its latest earnings results after hours Tuesday.
The company unveiled earnings of 39 cents per share on an adjusted basis for its fourth quarter of fiscal 2018, topping Wall Street’s expectations of 37 cents per share, according to Thomson Reuters.
Revenue was also ahead of the mark at $2.68 billion for Salesforce’s fall period, while analysts were calling for revenue of $2.65 billion, according to data compiled by Thomson Reuters. This figure was up 25% compared to the year-ago revenue.
Most of Salesforce’s revenue comes from subscriptions and support, which garnered about $2.49 billion in revenue, topping the consensus estimate of $2.45 billion. Its professional services revenue amounted to $193.7 million, missing the FactSet projection of $201.4 million.
The positive quarterly results can be partially attributed to strong demand for the company’s cloud-based sales and marketing software. Salesforce promoted Bret Taylor during the period to be its new president and chief officer.
For its current fourth quarter, the company posted an outlook that will see earnings be between 32 cents and 33 cents per share on an adjusted basis. Analysts are calling for earnings of 34 cents per share, on an adjusted basis, according to Thomson Reuters.
Salesforce also forecasts revenue as being $2.8 billion to $2.81 billion, slightly ahead of the Thomson Reuters consensus estimate of $2.79 billion in revenue to close out its fiscal 2018.
CRM shares fell about 2.2% on Wednesday.
