Salesforce reported earnings after hours today. The company beat on the top-line, but came up short on the bottom-line.
Salesforce reported diluted earnings of $0.49 per share, which comes out to $468 million in net income. The company’s total revenue was $6.86 billion, +27% YoY.
Earnings consensus among analysts were pinned at $0.92/share and $6.8 billion. In that sense, Salesforce’s earnings report met investors halfway. The company indicated next quarter’s revenue guidance is expected to land around $7.23 billion, which points to slower YoY growth.
$CRM, which lost 4% in trading today, took a 5.7% haircut after hours. That sucks. 😬
The earnings call came with another big announcement. Salesforce announced that the company elevated Bret Taylor to the role of co-CEO, which he will hold with long-time chief executive Marc Benioff. 🎉 Taylor was the founder of Quip, a productivity software startup, which was acquired by Salesforce in 2016. He ascended the ranks and has become a regular staple on Salesforce earnings calls.