Salesforce Shares Bounced Around In Extending Trading, Initially Rose With About 1% And Then Fell 2%

Salesforce Shares Bounced Around In Extending Trading
Salesforce Shares Bounced Around In Extending Trading

On Tuesday, Salesforce shares bounced around in extended trading after the cloud software company reported better-than-expected results. Initially, it has risen by 1% and then fell by 2%.

The key numbers of the fiscal third quarter are as below:

  • Earnings per share: 75cents, excluding certain items, vs. 66 cents as expected by Refinitiv
  • Revenue: $ 4.5 billion vs. $ 4.45 billion, as expected by Refinitiv

According to the Refinitiv, for the full fiscal year, salesforce is now expecting revenue of $16.99 billion to $ 17 billion, compared with the $ 16.9 billion average analyst estimate. Mark Hawkins, chief financial officer, said that salesforce will double in size by fiscal 2024, reaching revenue that year of $34 billion to 35 billion.

Salesforce continues to generate growth in its hometown sales cloud business, which renders customers relationship management tools to salespeople. In that unit, revenue is increased by 15% to 1.17 billion. But with its core business maturing, Salesforce is turning to acquisitions as it wants to expand into a new market.

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