By Yasin Ebrahim
Salesforce on Thursday trimmed its guidance despite reporting first-quarter results that topped consensus estimates, led by growth in its core subscription and support business.
Salesforce.com (NYSE:CRM) shares lost 1.72% in after-hours trade following the report.
For the second quarter of fiscal 2021, the company guided earnings in the range of $0.66 to $0.67 a share on revenue between $4.89 billion and $4.9 billion, below consensus expectations for earnings of $0.74 a share on revenue of $5.04 billion.
For the full-year, revenue forecasts were cut to $20 billion, down from a previous estimate of between $21.0 billion to $21.1 billion.
Salesforce.com announced earnings per share of $0.7 on revenue of $4.87 billion. Analysts polled by anticipated EPS of $0.69 on revenue of $4.86 billion. That compared with an EPS of $0.93 on revenue of $3.74 billion in the same period a year before. Salesforce.com had reported EPS of $0.66 on revenue of $4.85 billion in the previous quarter.
Subscription and support revenues for the quarter were $4.58 billion, an increase of 31% year-over-year, and professional services and other revenues for the quarter were $290 million, an increase of 20% year-over-year.
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