Posted on Thursday, Jun 2nd 2022
Earlier this week, Salesforce (NYSE: CRM) announced results for a strong first-quarter that continued to surpass market expectations. The company is adding to its strong enterprise offerings through acquisitions and partnerships.
Salesforce’s revenues for the first quarter grew 24% to $7.41 billion, above analyst estimates of $7.37 billion. Adjusted earnings of $0.98 per share were also better than the market’s forecast of $0.93 per share.
By segment, Subscription and support revenues grew 24% to $6.86 billion, and Professional services and other revenues grew 30% to $560 million.
For the second quarter, Salesforce forecast revenues of $7.69-$7.70 billion and an EPS of $1.01-$1.02. The market was looking for revenues of $7.74 billion and an EPS of $1.11. Salesforce expects to end the current fiscal year with revenues of $31.7-$31.8 billion and an EPS of $4.74-$4.76. The market was looking for revenues of $31.57 billion and an EPS of $4.63 for the year.
Salesforce’s Troops.ai Acquisition
Recently, Salesforce announced its acquisition of New York-based Troops.ai, a leading provider of a revenue communications solution, for an undisclosed sum. Founded in 2016, Troops helps streamline the data management process and provide users with real-time insights gathered from various systems of record including tools like Salesforce, Hubspot, and Zendesk. It helps migrate this data into other communication tools like Slack and Microsoft Teams using software bots.
Prior to the acquisition, Troops.ai had raised $19.4 million, including investment from Slack’s own venture fund. Its valuation and financial details are not disclosed. Salesforce had added to its messaging capabilities when it acquired
Slack in 2020 for an estimated $27.7 billion. Salesforce plans to integrate Troops.ai into Slack to strengthen the Slack offering. Salesforce already expects Slack to bring in $1.5 billion in sales in 2023. Addition of Troops.ai will help meet those targets. Salesforce’s Expanding Analytics Tools
Salesforce also announced a partnership with AWS that creates Data Lake for Nonprofit Cloud, a new offering that allows Salesforce Nonprofit Cloud customers to easily transform their data into actionable insights with visual analytics to drive more informed decisions and better outcomes. The solution will be available on GitHub as an open-source offering and will allow nonprofits to customize the cloud to their specific needs and improve the technology over time. According to Salesforce’s research, 76% of non-profit organizations do not have a data strategy. This offering will help these organizations build such a strategy.
Overall, Salesforce had another stellar quarter. The lower-than-expected outlook for the current quarter was primarily on account of foreign exchange headwinds. The Japanese market was a big factor in the movement as the company continues expansion in the region. Salesforce is also mindful of the macroeconomic environment and is now looking to modify its selling strategy. It is going to focus more on how it can improve productivity for its customers
while lowering costs.
Salesforce’s stock is trading at $176.07 with a market capitalization of $174.9 billion. It hit a 52-week high of $311.75 in November last year and a 52-week low of $154.55 earlier this month.
Disclosure: All investors should make their own assessments based on their own research, informed interpretations, and risk appetite. This article expresses my own opinions based on my own research of product-market fit, channel execution, and other factors. My primary interest is in product strategy. While this may have bearing on stock movements, my writings tend to focus on long-term implications. The information presented is illustrative and educational, but should not be regarded as a complete analysis nor recommendation to buy or sell the securities mentioned herein. I am not a registered investment adviser and I am not receiving compensation for this article. I am an investor in this company. Photo Credit: City of Indianapolis | Mayor’s Office /Flickr.com This segment is a part in the series : Cloud Stocks . Smartsheet Acquiring Bootstrapped Startups to Drive Growth . Bootstrapped Unicorn Atlassian is Acquiring Capital Efficient Startups . 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Analysis of BlackLine’s Kyriba Partnership . PagerDuty's Expanding Integration Portfolio . Analysis of Tenable's Accurics Acquisition . Upstart’s Improving AI Algorithm in FinTech Consumer Lending . Analysis of C3.ai's Growing Partnerships . Analysis of Veeva's Learnaboutgmp Acquisition . Analysis of Adobe's Frame.io Acquisition . Snowflake Focuses on the Financial Services Sector . CrowdStrike Expands Government Offerings . Zoom Focuses on Expanding Reseller Offerings . Dropbox Focuses on Content Creators with New Product . Analysis of Okta's atSpoke Acquisition . Sumo Logic Leverages Red Hat Marketplace . Analysis of Dynatrace's SpectX Acquisition . Tuya Prepares to Address the Chip Shortage . Analysis of Appian's Lana Labs Acquisition . Analysis of Qualtrics's $1.125B Clarabridge Acquisition . Fastly Addresses Latency Issues for Developers . Alarm.com Leverages AI for Growth . Analysis of IBM's Rego Acquisition . Analysis of Unity's Parsec Acquisition . UiPath Envisions Advanced ML Capabilities . Microsoft Teams Lags Far Behind Zoom . Analysis of ServiceNow's Gekkobrain Acquisition . Google Attempts to Gain Ground in Cloud and AI . Atlassian Expands Beyond IT Offerings . Amazon Addresses Margin Pressures Through Product Upgrades . Twilio Leverages Segment Platform for Product Expansion . Shopify Expands PaaS Integrations . Analysis of Zendesk's $4.1B Momentive Acquisition . HubSpot Becomes a Stickier Platform . Analysis of Alteryx's Acquisitions . Wix Focuses on Fitness Services Providers . Pure Storage Partners with Microsoft Azure to Address Chip Shortage Concerns . Analysis of Salesforce's LevelJump Acquisition . Qualys Expands Solutions to Address Ransomware . Veeva Eyes Data Cloud . Splunk Expands Partner Capabilities . Coupa Continues to Build on its PaaS . MongoDB Focuses on Winning Government Contracts . DocuSign Targets $50B Market Opportunity in Agreement Cloud . Smartsheet Focuses on PaaS Growth . C3.ai Expands Enterprise and Public Sector Presence . 25 Cloud Stocks to BUY in 2022 . IBM Realigns its Portfolio to Focus on AI and Hybrid Cloud . Analysis of ServiceNow's DotWalk Acquisition . Analysis of Atlassian's Percept.AI Acquisition . Should Microsoft Break Itself Up? . Google Focuses on AI Enhancements . Amazon to Test Prime Customer Stickiness . Bill.com Continues Focus on Services for the SMB Segment . Analysis of GoDaddy's Pagely Acquisition . HubSpot's PaaS Keeps Growing . Freshworks Targets IT Operations Management Market . Zendesk Rejects Private Equity Buyout Offer . Shopify Emerges as a Covid Beneficiary with Stellar Results . Wix Simplifies App Creation . Anaplan Expands AWS Relationship . ON24 Builds a Partner Network . RingCentral Maintains Market Share Leadership in UCaaS Through Partnerships . BigCommerce Rides on TikTok's Growth . Analysis of Veeva's Veracity Acquisition . Salesforce Slows Down M&A to Focus on Integration . Okta's Widening Losses Worry Investors, But Growth Metrics Remain Strong . Nutanix Plans to Take on VMWare . Newly Public HashiCorp Focuses on a $73B Infrastructure-as-a-Code Market . Coupa Focuses on Key Products to Restart Decelerating Performance . Smartsheet's Product Line-up Fails to Accelerate Growth . DocuSign Targets a $50 Billion Market Opportunity . Pure Storage Takes on Dell in Top Tier Storage Market . Analysis of PagerDuty's Catalytic Acquisition . Splunk Impresses with Enterprise Customer Growth . Analysis of Qualtrics's Acquisition of SurveyVitals . Analysis of DigitalOcean's Nimbella Acquisition . Squarespace Eyes Video Offerings for SMBs . MongoDB is Leveraging Alliance with Amazon for Growth . Rapid7's Cross-Sell Capabilities Deliver Results . CrowdStrike Expands Partnerships to Address Cyber Attack Fears . Upstart Focuses on the Automobile Market for Growth . Zoom Adds Contact Center Capabilities to Enhance its UCaaS Stack . Tuya Struggles Amid Macro Economic Conditions . Analysis of Fastly's Fanout Acquisition . Analysis of BlackLine's FourQ Systems Acquisition . Analysis of IBM's Neudesic Acquisition . Analysis of Snowflake's Streamlit Acquisition . Google's Acquisition of Mandiant Fuels its Cloud Strategy . Microsoft Expands its Healthcare Cloud Offerings . Amazon Battles Margin Pressures . Atlassian Faces Stiff Competition . GoDaddy Targets a $126B TAM Opportunity . Bill.com Builds Value Added Services to Expand Wallet Share . Analysis of ON24's VIBBIO Acquisition . Twilio's Growth is Driven by Segment . Freshworks' Bots Make Customer Interactions Easier . Who Will Buy Zendesk? . Analysis of Shopify's Deliverr Acquisition . Wix Focuses on Profitability Amid Mounting Losses . Dynatrace Targets $50B Addressable Market . Analysis of Salesforce's Troop.Ai Acquisition . Analysis of Workday's VNDLY Acquisition . Nutanix Stumbles on Supply Chain Issues . Veeva Targets $13 Billion TAM . RingCentral Maintains UCaaS Leadership Through Partnerships and Innovation . Okta Bounces Back Stronger Despite Security Event . Adobe Strengthens its Creative Cloud Portfolio and Gets Ready for the Metaverse . Analysis of Zoom's Acquisition of Solvvy . Smartsheet Expands its Capabilities for Marketers . Toast Addresses Changing Restaurant Industry Dynamics . UiPath Simplifies Intelligent Automation . Informatica Focuses on Vertical Specific Offerings for Growth . Samsara Expands Farm-Focused Vertical Offerings . ForgeRock Leverages AI for Growth . Marqeta Struggles, Tries to Recover Through an API Strategy . Confluent Expands Ecosystem with Microsoft and AWS . Couchbase Focuses on Improving Efficiencies for Developers . Sprinklr's Deepening Integrations with TikTok and Amazon . Analysis of IBM's Randori Acquisition . Expensify Tests Other Services for Growth . monday.com Builds Capabilities for its App Marketplace . Snowflake Leverages the Streamlit Acquisition . Google Hones its Search Tech . Microsoft's Momentum in Commercial and Cloud Keeps it Steady . Amazon's Twin Engines of AWS and Prime Make it Resilient . Analysis of ServiceNow’s Hitch Works Acquisition . Twilio’s Strategy Post Segment Acquisition . HubSpot's Marketplace Strategy Continues to Thrive . Analysis of GoDaddy's Dan.com Acquisition