Salesforce satisfies Q1 targets, ups outlook

Salesforce delivered solid first quarter financial results after the bell Thursday.

The CRM giant reported non-GAAP earnings of 28 cents per share on revenue of $2.39 billion, up 25 percent year over year.

Wall Street was looking for earnings of 26 cents per share with revenue of $2.35 billion.

The company’s Q1 net loss was $9.2 million, or a penny per share. Subscription and support revenues increased 24 percent annually to $2.2 billion. Professional services and other revenues totaled $187 million, up 32 percent year over year.

Breaking subscription revenues down by segment, Sales Cloud revenue was $829.6 million, Service Cloud revenue was $651.2 million, Marketing and Commerce Cloud revenue was $289.0 million, and Salesforce platform and other revenue was $431.1 million.

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As for the outlook, analysts are looking for earnings of 31 cents a share on revenue of $2.48 billion for the current quarter. Salesforce responded with a revenue range of $2.52 billion to $2.52 billion with earnings between 31 and 32 cents per share.

Salesforce raised its revenue projection for fiscal 2018 and now expects between $10.25 billion and $10.30 billion. Analysts are looking for revenue of $10.19 billion.

“With our outstanding first quarter results, we are thrilled to be raising our fiscal 2018 revenue guidance by $100 million and raising our GAAP and non-GAAP earnings per share expectations for the year,” said Salesforce chief executive Marc Benioff.

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