Salesforce stock soars after earnings beat, forecast that calls for more profit this year

Salesforce Inc. produced better adjusted earnings than expected in the fourth quarter and executives projected big profit gains this year in a Wednesday report, sending shares more than 12% higher amid activist-investor pressure.

Analysts on average expected adjusted earnings of $1.36 a share — the middle of the forecast range provided by Salesforce executives — on sales of $7.99 billion, according to FactSet. Salesforce shares topped $190 in after-hours trading immediately following the release of the results, after closing with a 2.3% increase at $167.34.

In the fiscal year that just ended, adjusted earnings returned to growth, Salesforce reported Wednesday. While GAAP earnings fell to $208 million from $1.44 billion, adjusted earnings rose to $5.24 a share from $4.78 a share the previous year. Revenue increased 18.3% to $31.35 billion for the entire year.

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