Salesforce's (CRM) shares drop after reporting earnings

NYSE: CRM | Inc Common Stock News, Ratings, and Charts

CRM – Inc. shares fell more than 3% in the extended session Monday. Inc. CRM, -3.31% shares fell more than 3% in the extended session Monday after the software company beat earnings and revenue expectations but issued a weaker-than-expected full-year forecast. The company reported fiscal fourth-quarter net income of $362 million, or 46 cents a share, compared with $206 million, or 28 cents a share, in the year-ago period. Adjusted for items such as stock-based compensation and tax effects, among other items, earnings were 70 cents a share. Revenue rose to $3.6 billion from $2.87 billion in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of 55 cents a share on revenue of $3.56 billion. For the fiscal first quarter, analysts model adjusted earnings of 63 cents a share on sales of $3.69 billion. Salesforce said it expects fiscal first-quarter adjusted earnings of 60 cents to 61 cents a share and sales of $3.67 billion to $3.68 billion. For the full year, analysts expect adjusted earnings of $2.75 a share and sales of $15.97 billion. Salesforce said it is anticipating adjusted earnings of $2.74 to $2.76 a share and sales of $15.95 billion to $16.05 billion. Salesforce stock has gained 30% in the past year, with the S&P 500 index SPX, -0.39% rising 4.2%. Inc. shares fell $5.12 (-3.23%) in after-hours trading Monday. Year-to-date, CRM has gained 15.72%, versus a 11.80% rise in the benchmark S&P 500 index during the same period.

CRM currently has a POWR Rating of A (Strong Buy), and is ranked #1 of 41 stocks in the Software – Business category.

This article is brought to you courtesy of MarketWatch.

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