They've built the business into a $10 billion enterprise, and it appears they're well on their way to $13 billion in fiscal 2019 revenue - as Benioff had predicted - based off the company's second-quarter earnings released after markets closed on Wednesday.
As freshly minted co-CEOs, they've delivered another winning quarter.
The San Francisco-based company reported adjusted earnings of 71 cents per share on revenue of $3.28 billion, up 27% from the same quarter a year ago. Each beat consensus estimates of analysts polled by FactSet , who expected adjusted earnings of 47 cents per share on revenue of $3.23 billion. A year ago, Salesforce posted adjusted earnings of 33 cents per share.
Salesforce did, however, offer guidance for third-quarter adjusted earnings that, at 49 cents to 50 cents, came in below analyst estimates of 53 cents. That sent the company's stock down 1% to $152.91.
Salesforce's recent $6.5 billion acquisition of MuleSoft has figured heavily in results. Joel Fishbein , BTIG Managing Director, software and cloud technology, tells Barron's that MuleSoft, an integration-software maker, has generated fresh revenue, though it diluted Salesforce's earnings.
Salesforce raised its fiscal 2019 revenue guidance to $13.125 billion to $13.175 billion.
Sign up to Review & Preview, a new daily email from Barron's. Every evening we'll review the news that moved markets during the day and look ahead to what it means for your portfolio in the morning.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of NASDAQ, Inc.