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Author: Alan LittleDate: 2020-08-27

Salesforce’s (CRM) strong Q2 report pushes shares 27.64% higher

Salesforce (CRM) shares soared 27.64% on Wednesday after the cloud provider delivered earnings and revenue beats for fiscal Q2.

Post-trading on Tuesday, Salesforce came in with $1.44 non-GAAP earnings per share for the three-month period ending 31st July, which was 77 cents higher than the Wall Street consensus ($0.67).

Sales for the period also surged 29% to $5.15bn, a figure that also handily beat the pre-report expectations of $4.9bn.

Salesforce chief executive Marc Benioff said that he was humbled by the company’s stellar performance having had to contend with a “backdrop of multiple crises”.

Salesforce’s core subscription and support offerings were particularly strong during Q2, delivering $4.84bn in revenue.

The San Francisco-based enterprise followed up its strong showing by guiding for a $5.24bn-$5.25bn revenue range for the current period.

It was also able to hike its outlook for the full fiscal year to up to $20.8bn, which would represent a 22% increase year over year.

Investors have been particularly bullish on CRM stock recently, and that is unlikely to change after the latest blowout.

Salesforce currently has 36 buy ratings from analysts compared to just two at hold and one at sell.

The average price target is $253.26.

Salesforce shares were up out of the gate on Wednesday, and there had been gains of 27.64% by 12:40pm EST on the Nasdaq.

Salesforce stock has now advanced 67% for the year to date, increasing its market valuation to around $213bn.

In another positive for the company, the S&P Dow Jones Indices said that Salesforce would join its price-weighted Industrial Average Effective at the end of the month.

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