{"id":17068,"date":"2020-05-29T12:00:00","date_gmt":"2020-05-29T12:00:00","guid":{"rendered":"https:\/\/icrowdnewswire.com\/?p=2574199"},"modified":"2020-05-29T12:00:00","modified_gmt":"2020-05-29T12:00:00","slug":"salesforce-declines-after-light-guidance","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2020\/05\/29\/salesforce-declines-after-light-guidance\/","title":{"rendered":"Salesforce declines after light guidance"},"content":{"rendered":"<p><a href=\"https:\/\/www.cnbc.com\/quotes\/?symbol=CRM\">Salesforce<\/a>&nbsp;shares fell as much as 3% after the company reported fiscal first-quarter earnings on Thursday.<\/p>\n<p>Here&rsquo;s how the company did:<\/p>\n<ul>\n<li><strong>Earnings:<\/strong>&nbsp;70 cents per share, adjusted<\/li>\n<li><strong>Revenue:<\/strong>&nbsp;$4.87 billion<\/li>\n<\/ul>\n<div class=\"BoxInline-container  \">&nbsp;<\/div>\n<p>The company&rsquo;s revenue grew 30% from the year-ago quarter, according to a&nbsp;<a href=\"https:\/\/investor.salesforce.com\/press-releases\/press-release-details\/2020\/Salesforce-Announces-Record-First-Quarter-Fiscal-2021-Results\/default.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">statement<\/a>. Analysts polled by Refinitiv had expected 69 cents in adjusted earnings per share on $4.85 billion in revenue. Comparing results with estimates is not straightforward given the coronavirus pandemic shut down many businesses during the quarter. The company&rsquo;s fiscal first quarter ended Apr. 30.<\/p>\n<p>Salesforce has given &ldquo;temporary financial flexibility&rdquo; to customers most impacted by the pandemic, according to the statement.&nbsp;<\/p>\n<p>With respect to guidance,&nbsp;Salesforce expects 66 cents to 67 cents in adjusted earnings per share and $4.89 billion to $4.90 billion in revenue in the fiscal second quarter. Analysts polled by Refinitiv had expected 75 cents in adjusted earnings per share and $5.03 billion in revenue.<\/p>\n<p>For the full fiscal year Salesforce sees $2.93&nbsp;to $2.95&nbsp;in adjusted earnings per share on about $20 billion billion in revenue, implying 17% revenue growth. Analysts&nbsp;polled by Refinitiv were looking for $3.09 in adjusted earnings per share on revenue of $20.73 billion.<\/p>\n<p>During Q1, Salesforce&rsquo;s flagship Sales Cloud offering for tracking business with customers and prospects delivered $1.245 billion in revenue, up 16% year over year. The Service Cloud product for customer support came in just slightly higher than that at $1.252 billion in revenue, up 22.7%. Service Cloud was once much smaller than Sales Cloud but has gradually grown to match its same scale.<\/p>\n<p>During the quarter Salesforce committed to not making significant layoffs for 90 days. It also acquired personalization software company&nbsp;<a href=\"https:\/\/www.prnewswire.com\/news-releases\/salesforce-acquires-evergage-will-use-personalization-to-enhance-customer-data-and-deliver-more-relevant-experiences-301000691.html\" target=\"_blank\" rel=\"noopener noreferrer\">Evergage<\/a>&nbsp;for undisclosed terms and announced that&nbsp;<a href=\"https:\/\/www.cnbc.com\/2020\/02\/25\/salesforce-co-ceo-keith-block-steps-down-marc-benioff-will-be-sole-ceo.html\">co-CEO Keith Block was stepping down<\/a>.&nbsp;On May 13 Salesforce&nbsp;<a href=\"https:\/\/www.prnewswire.com\/news-releases\/salesforce-appoints-gavin-patterson-president-and-chief-revenue-officer-301058530.html\" target=\"_blank\" rel=\"noopener noreferrer\">said<\/a>&nbsp;Gavin Patterson, president and CEO of Salesforce International and formerly CEO of&nbsp;<a href=\"https:\/\/www.cnbc.com\/quotes\/?symbol=BT.A-GB\">BT Group<\/a>, is becoming president and chief revenue officer of the entire company.<\/p>\n<p>Analyst Yun Kim of Rosenblatt initiated coverage of Salesforce with a sell rating on May 4, noting that some sales executives could follow Block out the door and that, after spending about $25 billion on acquisitions in the past two years, the company could face backlash if it were to make more big deals. Additionally Kim&rsquo;s industry checks in January, before governments started directing people to stay home to avoid coronavirus, suggested that the pace of big companies deploying business applications could slow down this year.<\/p>\n<p>&ldquo;We believe that when the enterprise IT spending environment returns, the pace of large-scale business application deployments is likely to lag other initiatives with higher priority,&rdquo; Kim wrote. &ldquo;Our most recent checks indicate that many of these SFDC initiatives have been pushed out indefinitely or have been downsized significantly.&rdquo;<\/p>\n<p>Excluding the reaction to the earnings announcement, Salesforce stock is up 12% so far in 2020.<\/p>\n<p>Executives will discuss the results with analysts on a conference call at 5 p.m. Eastern time.<\/p>\n<p class=\"tags\">\n<div><strong>See Campaign: <\/strong><a href=\"https:\/\/www.cnbc.com\/quotes\/?symbol=BT.A-GB\" target=\"_blank\">https:\/\/www.cnbc.com\/quotes\/?symbol=BT.A-GB<\/a><br \/><b>Contact Information:<\/b><br \/>Jordan Novet<\/p>\n<p><b>Tags:<\/b><br \/><a href=\"\"><\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/news-category\/wire\/\" rel=\"category tag\">Wire<\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/global-regions\/united-states\/\" rel=\"category tag\">United States<\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/language\/english\/\" rel=\"category tag\">English<\/a><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"\" alt=\"image\" width=\"400\" height=\"300\" class=\"cwdfimg\" \/><\/div>\n<div>\n<h3>Contact Information:<\/h3>\n<p>Jordan Novet<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Salesforce&nbsp;shares fell as much as 3% after the company reported fiscal first-quarter earnings on Thursday. Here&rsquo;s how the company did: Earnings:&nbsp;70 cents per share, adjusted Revenue:&nbsp;$4.87 billion &nbsp; The company&rsquo;s revenue grew 30% from the year-ago quarter, according to a&nbsp;statement. Analysts polled by Refinitiv had expected 69 cents in adjusted earnings per share on $4.85 &hellip; <a href=\"https:\/\/icrowdnewswire.com\/2020\/05\/29\/salesforce-declines-after-light-guidance\/\">Continue reading <span>Salesforce declines after light guidance<\/span><\/a> <a href=\"https:\/\/ipsnews.net\/business\/2020\/05\/29\/salesforce-declines-after-light-guidance\/\" class=\"more-link\">Continue Reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":107,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,22,54],"tags":[],"class_list":["post-17068","post","type-post","status-publish","format-standard","hentry","category-english","category-united-states","category-wire"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Salesforce declines after light guidance - Business<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/ipsnews.net\/business\/2020\/05\/29\/salesforce-declines-after-light-guidance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Salesforce declines after light guidance - Business\" \/>\n<meta property=\"og:description\" content=\"Salesforce&nbsp;shares fell as much as 3% after the company reported fiscal first-quarter earnings on Thursday. Here&rsquo;s how the company did: Earnings:&nbsp;70 cents per share, adjusted Revenue:&nbsp;$4.87 billion &nbsp; The company&rsquo;s revenue grew 30% from the year-ago quarter, according to a&nbsp;statement. Analysts polled by Refinitiv had expected 69 cents in adjusted earnings per share on $4.85 &hellip; Continue reading Salesforce declines after light guidance Continue Reading &rarr;\" \/>\n<meta property=\"og:url\" content=\"http:\/\/ipsnews.net\/business\/2020\/05\/29\/salesforce-declines-after-light-guidance\/\" \/>\n<meta property=\"og:site_name\" content=\"Business\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-29T12:00:00+00:00\" \/>\n<meta name=\"author\" content=\"Sarim Pixako\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Sarim Pixako\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"http:\/\/ipsnews.net\/business\/2020\/05\/29\/salesforce-declines-after-light-guidance\/\",\"url\":\"http:\/\/ipsnews.net\/business\/2020\/05\/29\/salesforce-declines-after-light-guidance\/\",\"name\":\"Salesforce declines after light guidance - Business\",\"isPartOf\":{\"@id\":\"https:\/\/ipsnews.net\/business\/#website\"},\"datePublished\":\"2020-05-29T12:00:00+00:00\",\"author\":{\"@id\":\"https:\/\/ipsnews.net\/business\/#\/schema\/person\/c2a30f1f67fb81890ad62e1daf092377\"},\"breadcrumb\":{\"@id\":\"http:\/\/ipsnews.net\/business\/2020\/05\/29\/salesforce-declines-after-light-guidance\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"http:\/\/ipsnews.net\/business\/2020\/05\/29\/salesforce-declines-after-light-guidance\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"http:\/\/ipsnews.net\/business\/2020\/05\/29\/salesforce-declines-after-light-guidance\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ipsnews.net\/business\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Salesforce declines after light guidance\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ipsnews.net\/business\/#website\",\"url\":\"https:\/\/ipsnews.net\/business\/\",\"name\":\"Business\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ipsnews.net\/business\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/ipsnews.net\/business\/#\/schema\/person\/c2a30f1f67fb81890ad62e1daf092377\",\"name\":\"Sarim Pixako\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ipsnews.net\/business\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7f9acce50c9b44bcec82e92168491959d754000e22e22a437856e37c38599249?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7f9acce50c9b44bcec82e92168491959d754000e22e22a437856e37c38599249?s=96&d=mm&r=g\",\"caption\":\"Sarim Pixako\"},\"sameAs\":[\"https:\/\/icrowdnewswire.com\/fc\"],\"url\":\"https:\/\/ipsnews.net\/business\/author\/sarim-pixako\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Salesforce declines after light guidance - Business","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"http:\/\/ipsnews.net\/business\/2020\/05\/29\/salesforce-declines-after-light-guidance\/","og_locale":"en_US","og_type":"article","og_title":"Salesforce declines after light guidance - Business","og_description":"Salesforce&nbsp;shares fell as much as 3% after the company reported fiscal first-quarter earnings on Thursday. Here&rsquo;s how the company did: Earnings:&nbsp;70 cents per share, adjusted Revenue:&nbsp;$4.87 billion &nbsp; The company&rsquo;s revenue grew 30% from the year-ago quarter, according to a&nbsp;statement. Analysts polled by Refinitiv had expected 69 cents in adjusted earnings per share on $4.85 &hellip; Continue reading Salesforce declines after light guidance Continue Reading &rarr;","og_url":"http:\/\/ipsnews.net\/business\/2020\/05\/29\/salesforce-declines-after-light-guidance\/","og_site_name":"Business","article_published_time":"2020-05-29T12:00:00+00:00","author":"Sarim Pixako","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Sarim Pixako","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"http:\/\/ipsnews.net\/business\/2020\/05\/29\/salesforce-declines-after-light-guidance\/","url":"http:\/\/ipsnews.net\/business\/2020\/05\/29\/salesforce-declines-after-light-guidance\/","name":"Salesforce declines after light guidance - Business","isPartOf":{"@id":"https:\/\/ipsnews.net\/business\/#website"},"datePublished":"2020-05-29T12:00:00+00:00","author":{"@id":"https:\/\/ipsnews.net\/business\/#\/schema\/person\/c2a30f1f67fb81890ad62e1daf092377"},"breadcrumb":{"@id":"http:\/\/ipsnews.net\/business\/2020\/05\/29\/salesforce-declines-after-light-guidance\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["http:\/\/ipsnews.net\/business\/2020\/05\/29\/salesforce-declines-after-light-guidance\/"]}]},{"@type":"BreadcrumbList","@id":"http:\/\/ipsnews.net\/business\/2020\/05\/29\/salesforce-declines-after-light-guidance\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ipsnews.net\/business\/"},{"@type":"ListItem","position":2,"name":"Salesforce declines after light guidance"}]},{"@type":"WebSite","@id":"https:\/\/ipsnews.net\/business\/#website","url":"https:\/\/ipsnews.net\/business\/","name":"Business","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ipsnews.net\/business\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/ipsnews.net\/business\/#\/schema\/person\/c2a30f1f67fb81890ad62e1daf092377","name":"Sarim Pixako","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ipsnews.net\/business\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7f9acce50c9b44bcec82e92168491959d754000e22e22a437856e37c38599249?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7f9acce50c9b44bcec82e92168491959d754000e22e22a437856e37c38599249?s=96&d=mm&r=g","caption":"Sarim Pixako"},"sameAs":["https:\/\/icrowdnewswire.com\/fc"],"url":"https:\/\/ipsnews.net\/business\/author\/sarim-pixako\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ipsnews.net\/business\/wp-json\/wp\/v2\/posts\/17068","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ipsnews.net\/business\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ipsnews.net\/business\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ipsnews.net\/business\/wp-json\/wp\/v2\/users\/107"}],"replies":[{"embeddable":true,"href":"https:\/\/ipsnews.net\/business\/wp-json\/wp\/v2\/comments?post=17068"}],"version-history":[{"count":1,"href":"https:\/\/ipsnews.net\/business\/wp-json\/wp\/v2\/posts\/17068\/revisions"}],"predecessor-version":[{"id":17069,"href":"https:\/\/ipsnews.net\/business\/wp-json\/wp\/v2\/posts\/17068\/revisions\/17069"}],"wp:attachment":[{"href":"https:\/\/ipsnews.net\/business\/wp-json\/wp\/v2\/media?parent=17068"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ipsnews.net\/business\/wp-json\/wp\/v2\/categories?post=17068"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ipsnews.net\/business\/wp-json\/wp\/v2\/tags?post=17068"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}