Salesforce Earnings Beat in Q4; Co-CEO Keith Block Steps Down

This post was originally published on this site
https://i-invdn-com.akamaized.net/news/LYNXNPEC0E0NG_M.jpg
© Reuters. Salesforce.com Earnings, Revenue Beat in Q4© Reuters. Salesforce.com Earnings, Revenue Beat in Q4

Investing.com – Salesforce.com said on Tuesday Keith Block has stepped down as co-chief executive and raised its revenue guidance following fourth-quarter results that topped expectations.

Marc Benioff is now chairman and CEO of the company, Salesforce confirmed.

“We are delighted to raise our revenue guidance for FY21 by $200 million to $21.1 billion at the high end of the range, while expanding our operating margin.” Benioff said.

Shares fell 1.9% after hours.

Salesforce.com (NYSE:) announced earnings per share of $0.66 on revenue of $4.85 billion. Analysts polled by Investing.com anticipated EPS of $0.56 on revenue of $4.75 billion. That compared with EPS of $0.7 on revenue of $3.6 billion in the same period a year before. Salesforce.com had reported EPS of $0.75 on revenue of $4.51 billion in the previous quarter.

The earnings beat was led by the subscription and support business, with revenue up 35% to $4.56 billion and professional services sales up 21% to $1.1 billion.

The company also said it will acquire cloud and mobile software company Vlocity for $1.33 billion.

Salesforce guided first-quarter revenue within a range of $4.875-to-4.885 billion and earnings per share between $0.70 to $0.71, compared with consensus: of $4.83 billion and $0.70 respectively.

Salesforce.com shares are up 11.71% from the beginning of the year , still down 7.17% from its 52 week high of $195.72 set on February 20. They are outperforming the S&P 500 which is down 3.53% year to date.

Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com’s earnings calendar

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add Comment