Salesforce Falls After Hours On Weak Forecast
The human-resources software company reported higher earnings and sales than expected but dialed back its forecast.
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Salesforce.com Inc. reported better-than-expected fiscal first-quarter results on Wednesday, but its guidance for the full year fell short of Wall Street estimates, sending the stock lower in after-hours trading.
The San Francisco-based company said it earned $1.01 per share on an adjusted basis in the three months ended April 30, beating the average analyst estimate of 98 cents per share. Revenue rose 24% to $6.34 billion, also topping the Street view of $6.26 billion.
However, Salesforce guided for fiscal second-quarter earnings of 98 cents to $1.00 per share, below the consensus of $1.05 per share. The company cited currency headwinds and the impact of its recent acquisition of Slack Technologies Inc. for the weaker-than-expected outlook.
For the full year, Salesforce forecast earnings of $4.71 to $4.74 per share, down from its prior guidance of $4.74 to $4.79 per share. The new forecast is below the average analyst estimate of $4.78 per share.
Salesforce shares fell about 5% in after-hours trading.
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