Salesforce.com Results Beat in Q3; Acquires Slack for $27.7B

Salesforce.com Results Beat in Q3; Acquires Slack for $27.7B

© Reuters.  Salesforce.com Earnings, Revenue Beat in Q3 © Reuters. Salesforce.com Earnings, Revenue Beat in Q3

By Yasin Ebrahim

Investing.com – Salesforce.com lifted its annual guidance after reporting on Tuesday third-quarter results that beat analysts' forecasts. The cloud company also confirmed it would acquire messaging platform Slack for $27.7 billion.

Salesforce.com (NYSE:CRM) fell 4.3%, while Slack Technologies Inc (NYSE:WORK) was down 0.3%. “This is a match made in heaven. Together, Salesforce and Slack will shape the future of enterprise software and transform the way everyone works in the all-digital, work-from-anywhere world. I’m thrilled to welcome Slack to the Salesforce Ohana once the transaction closes,” the company said. Looking ahead to fiscal 2021, the company lifted guidance on EPS to a range of $4.62 to $4.63, up from $3.72 to $3.74, previously on revenue of between $21.1 billion to $21.11 billion, up from prior guidance of $20.7 billion to $20.8 billion.

Salesforce.com announced earnings per share of $1.74 on revenue of $5.42 billion. Analysts polled by Investing.com anticipated EPS of 74 cents on revenue of $5.25 billion.

Subscription and support, which makes up the bulk of growth, saw revenue for the quarter rise 20% to $5.09 billion. Professional services and other revenues for the quarter were $0.33 billion, an increase of 22% year-over-year.

"Our results are being driven by the success of our customers and the relevance of our Customer 360 Platform in this new normal," the company said.

For the four-quarter, the company sees EPS of between $0.73 and $0.74 on revenue between $5.6 billion to $5.7 billion.

Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com's earnings calendar

Original Article

Leave a comment

Send a Comment

Your email address will not be published.

Enter text shown below: