Salesforce.com Lifts FY22 Outlook

(RTTNews) - Salesforce.com Inc (CRM) on Wednesday lifted its financial outlook for the full year 2022.

Looking forward, the cloud-based enterprise software marker now expects adjusted earnings of $4.36 to $4.38 per share and revenues of $26.2 billion to $26.3 billion. Analysts polled by Thomson Reuters currently estimate earnings of $3.82 per share and revenues of $26.01 billion for the period.

Previously, the company expected adjusted earnings of $3.79 to $3.81 per share and revenues of $25.9 billion to $26.0 billion.

For the third quarter, the company expects adjusted earnings of $0.91 to $0.92 per share on revenues of $6.78 billion to $6.79 billion. Analysts currently estimate earnings of $0.81 per share on revenues of $6.66 billion.

"We had another remarkable quarter of top and bottom line performance, making this an impressive first half of this fiscal year," said Amy Weaver, President and CFO. "We exceeded our financial expectations in the quarter, achieving record levels of new business, and saw strong demand across our portfolio. And we are excited to build on Slack's momentum with the power of our two companies now together."

For the second quarter, the company's profit dropped to $535 million or $0.56 per share from $2.63 billion or $2.85 per share last year.

Excluding items, Salesforce.com reports adjusted earnings of $1.40 billion or $1.48 per share for the period. Analysts expected earnings of $0.92 per share for the quarter.

The company's revenue for the quarter rose 23.1% to $6.34 billion from $5.15 billion last year. Analysts had a consensus revenue estimate of $6.24 billion.

Subscription and support revenues for the quarter were $5.91 billion, an increase of 22% year-over-year. Professional services and other revenues for the quarter were $0.43 billion, an increase of 37% year-over-year.