Salesforce.com Earnings: CRM Stock Soars 10% Higher on Strong Q2 Results

Salesforce.com (NYSE:CRM) earnings for the cloud company’s second quarter of fiscal 2021 have CRM stock taking off after-hours Tuesday. That comes after reporting adjusted earnings per share of $1.44 on revenue of $5.15 billion. These both come in higher than Wall Street’s estimates of 67 cents per share and revenue of $4.9 billion.

A hand with pink painted fingernails holds a Salesforce (CRM) sticker.
Source: Bjorn Bakstad / Shutterstock.com

Now, let’s take a closer look at the most recent Salesforce.com earnings report below.

  • Adjusted per-share earnings are up 118.2% from 66 cents during the same time last year.
  • Revenue for the quarter comes in 29% higher than the $4 billion reported in Q2 fiscal 2020.
  • Operating income of $178 million is a 206.9% increase year-over-year from $58 million.
  • The Salesforce.com earnings report also has net income coming in at $2.63 billion.
  • That is a massive improvement over net income of $91 million from last year.

Marc Benioff, chairman and CEO of Salesforce.com, said this about the Q2 earnings.

“Salesforce was founded on our belief in stakeholder capitalism and our core values of trust, customer success, innovation and equality. Our success in the quarter brought all of this together with the power of our Customer 360 platform, the resilience of our business model, putting our customers first and doing our part to take care of all of our stakeholders. We know that together we have an opportunity to emerge from these times even stronger.”

Salesforce.com also includes guidance for fiscal 2021. It’s expecting adjusted EPS of $3.72 to $3.74 on revenue of $20.7 billion to $20.8 billion. That stacks up well next to Wall Street’s estimates of $2.96 per share on revenue of $20.07 billion.

CRM stock was up 9.9% after markets closed on Tuesday and was up 3.6% at the end of normal trading hours.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2020/08/salesforce-com-earnings-send-crm-stock-soaring/.

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