Shares of Salesforce.com Inc soared after the bell Wednesday as the company beat fiscal fourth-quarter expectations on the top and bottom lines.
In the period ended January 31, the cloud software company posted quarterly revenue of $8.38 billion, up 14% year-over-year and ahead of Street expectations of $7.99 billion. Adjusted earnings were $1.68, compared to analyst projections of $1.37. Subscription and support revenues were $7.79 billion, a 14% increase.
Salesforce stock jumped nearly 15% to $191.58 in after-hours trading.
The company’s guidance also impressed investors.
Salesforce expects fiscal 2024 full-year EPS between $7.12 and $7.14 and revenue between $34.5 billion and $34.7 billion. Analysts had projected EPS of $5.84 and revenue of $34.03.
The Irvine, California company’s results were under close scrutiny given ongoing pressure from activist investor group Elliot Management, which announced today that it nominated a new slate of directors.
“It’s a new say at Salesforce and as we look ahead, I am excited for the opportunity in front of us as we continue to drive profitable growth,” chief financial officer Amy Weaver said in a statement.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
Follow him on Twitter @andrew_kessel