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Salesforce earnings beat on strong subscription growth

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Salesforce.com Inc beat Wall Street estimates for quarterly profit and revenue o...

FILE PHOTO: The company logo for Salesforce.com is displayed on the Salesforce Tower in New York City, U.S., March 7, 2019. REUTERS/Brendan McDermid

- Salesforce.com Inc beat Wall Street estimates for quarterly profit and revenue on Tuesday as it benefited from higher demand for its business software from companies that are ramping up their move to the cloud. The company also forecast 2020 profit in the range of $2.89 and $2.90 per share, above analysts’ estimates of $2.86 per share.

Revenue from the company’s flagship product, Sales Cloud, rose 14.5% to $1.17 billion in the third quarter ended Oct. 31. Excluding items, the company earned 75 cents per share, while analysts on average had expected 66 cents, according to IBES data from Refinitiv.The company, however, reported a net loss of $109 million, or 12 cents per share, in the latest quarter, compared with a profit of $105 million, or 13 cents per share, a year earlier.Reporting by Neha Malara in Bengaluru; Editing by Anil D'Silva

 

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TheStreet CNBC 247WallSt Stocktwits MarketWatch But its down in after hours trading... Inc. (CRM) NYSE: 159.44 -2.13 (-1.32%) After hours: 7:06PM EST

I use Salesforce everyday....I'm using it now...soooo this must be a sign to invest in stock lol

God I hate salesforce

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