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Author: Alan LittleDate: 2021-08-30

Salesforce (CRM) +4.75% as remote work pushes Q2 revenue to $6.34bn

Cloud software company Salesforce (CRM) made early gains in New York on Thursday after posting a better-than-expected Q2 report amid a boom in remote working.

Salesforce (CRM) shares climbed 4.75% in early trading on Thursday after the cloud software company posted quarterly beats and raised its short-term guidance.

Revenue for the three months to 31st July jumped 23% from a year ago to $6.34bn, which was enough to surpass the $6.24bn forecast by analysts.

There was healthy growth for a number of Salesforce’s segments, including ‘Sales Cloud’ (+15%), ‘Platform and Other’ (+24%) and ‘Service Cloud’ (+23%), the latter adding $1.6bn to top line.

Bottom line was also healthy with the $1.48 earnings per share figure easily topping the $0.92 Wall Street consensus.

Salesforce has momentum after revenue also soared 23% in Q1 as businesses continue to turn to the cloud for digital transformation schemes and remote working.

CEO Marc Benioff told CNBC: “The phenomenon that I see happening globally is not as many employees are coming back into their offices locally as any CEO expected.”

Salesforce has also been boosted by the closure of its $27.7bn acquisition of Slack.

Looking ahead to Q3, Salesforce expects to deliver up to $6.79bn revenue and earnings per share of $0.91 to $0.92, both of which were again ahead of estimates.

Full-year guidance also got a hike with revenue expected to top out at $26.3bn along with $4.36 to $4.38 earnings per share.

Benioff noted that the COVID-19 Delta variant has not had a material impact on its business and believes that “if anything, it only accelerates it”.

Salesforce shares have already advanced 17% since 1st January, and there were further gains on Thursday as CRM rose 4.75% to $273.25 in New York.

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