Salesforce recently reported it's Q1 results with reported revenue of $5.96 billion up 23% from a year ago. The top-line figure came in ahead of both the company’s guidance range of $5.875 billion to $5.885 billion and the Street consensus at $5.89 billion.
According to Barron's, 'for the January 2022 fiscal year, the company sees revenue of $25.9 billion to $26 billion, with non-GAAP profits of $3.79 to $3.81 a share, ahead of the former Street consensus at $25.8 billion and $3.43. The company said the full year includes about $500 million in contributions from Slack Technologies. Salesforce expects its acquisition of Slack to close toward the “very end” of the fiscal second quarter.'
“We had the best first quarter in our company’s history,” CEO Marc Benioff said in a statement. “We’re on our path to reach $50 billion in revenue in FY 2026.”
Technically, the share has been in a multi-month downward channel, peaking at 284.50 in September 2020 however on the back of the earnings release, the share breached the channel which was followed by a back-test/re-test. We also note the share breaching the mid-point of a 'W' formation, further supporting a directional shift from neutral to moderately bullish.
The share is a buy provided $229 is held.
On the upside, the targets are the $252 to $263 range.
Last: $238.14
According to Barron's, 'for the January 2022 fiscal year, the company sees revenue of $25.9 billion to $26 billion, with non-GAAP profits of $3.79 to $3.81 a share, ahead of the former Street consensus at $25.8 billion and $3.43. The company said the full year includes about $500 million in contributions from Slack Technologies. Salesforce expects its acquisition of Slack to close toward the “very end” of the fiscal second quarter.'
“We had the best first quarter in our company’s history,” CEO Marc Benioff said in a statement. “We’re on our path to reach $50 billion in revenue in FY 2026.”
Technically, the share has been in a multi-month downward channel, peaking at 284.50 in September 2020 however on the back of the earnings release, the share breached the channel which was followed by a back-test/re-test. We also note the share breaching the mid-point of a 'W' formation, further supporting a directional shift from neutral to moderately bullish.
The share is a buy provided $229 is held.
On the upside, the targets are the $252 to $263 range.
Last: $238.14
