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Salesforce Shares Rise on Better-Than-Expected 2Q Revenue, Upbeat Guidance

   By Dave Sebastian 
 

Shares of Salesforce.com Inc. (CRM) rose 6.62% in after-hours trading after it posted a higher second-quarter revenue and raised its full-year revenue guidance.

The cloud-based software company posted quarterly revenue of $4 billion, up from $3.28 billion in the comparable quarter last year. Analysts polled by FactSet were expecting $3.96 billion.

Salesforce raised its full-year guidance to between $16.75 billion and $16.90 billion, from a range of $16.10 to $16.25 billion.

The company's quarterly earnings declined to $91 million, or 11 cents a share, from $299 million, or 39 cents a share, in the prior year due to higher operating expenses. Analysts had expected a loss of 5 cents a share.

The company slashed its full-year per-earnings guidance to between 28 cents and 30 cents, from between 78 cents and 80 cents. It cut its full-year adjusted earnings per share guidance to between $2.82 and $2.84 from a range of $2.88 to $2.90.

 

Write to Dave Sebastian at dave.sebastian@wsj.com

 

Corrections & Amplifications

This article was corrected on August 26, 2019 because the original incorrectly stated that Salesforce raised its adjusted earnings per share guidance. Salesforce cut its full-year adjusted earnings per share guidance to between $2.82 and $2.84 from a range of $2.88 to $2.90.

(END) Dow Jones Newswires

August 22, 2019 16:58 ET (20:58 GMT)

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