By Yasin Ebrahim
Investing.com -- Salesforce.com delivered a mixed picture on full-year guidance Tuesday after reporting first quarter results that beat analysts' forecasts, led by "strong" demand.
Salesforce (NYSE:CRM) shares gained 6.6% in after-hours trade following the report.
Salesforce.com announced earnings per share of $0.98 on revenue of $7.41B. Analysts polled by Investing.com anticipated EPS of $0.9444 on revenue of $7.38B.
The beat on the top line was driven by subscription and support growth.
Subscription and support revenues for the quarter were $6.86 billion, an increase of 24% year-over-year.
Professional services and other revenues, meanwhile, for the quarter were $0.56 billion, an increase of 30% year-over-year.
“Our financial results once again demonstrate the strength and durability of our business model as we continue to see strong demand from customers across the entire Customer 360 portfolio," the company said.
Looking ahead to the second quarter revenue was guided to between $7.69B and $7.70B, compared with Wall Street estimates for $7.77B.
The company lifted its fiscal 2023 EPS guidance, but lowered its revenue.
Salesforce said it now expects EPS of $4.74 to $4.76, up from its prior guidance of $4.62 to $4.64, and revenue of $31.7 billion to $31.8 billion, down from $32 billion to $32.1 billion previously.
Broadcom had beat expectations on Thursday with second quarter EPS of $9.07 on revenue of $8.1B, compared to a forecast for EPS of $8.71 on revenue of $7.91B.
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