Home Equities Score Here is why salesforce.com, inc. (CRM) stock turnaround on Thursday?

Here is why salesforce.com, inc. (CRM) stock turnaround on Thursday?

salesforce.com inc. (CRM) stock faced the negativity in the morning session on Thursday, May 27, 2021, and lost 1.68% to close at $225.4 per share. Later in the after-market session, its turnaround and gained 4.24% to close the day at $235.4 per share.

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CRM shares have risen 24.70% over the last 12 months, and they have moved up 0.92% in the past week. Over the past three months, the stock has gained 4.31%, while over the past six months, it has shed 13.42%.

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Let’s see are there any recent news and developments about CRM?

Financial results announcement

On May 27, 2021, Salesforce reported its financial results for its first quarter of fiscal 2022 ended April 30, 2021.

Q1 2022 financial highlights

  • Salesforce earned a revenue of $5.96 billion in Q1 2022 compared to $4.86 billion in Q1 2021.
  • The total cost of revenue for Q1 2022 was $1.55 billion compared to $1.254 billion in Q1 2021.
  • Total operating expenses were $4.05 billion in Q1 2022 compared to $3.75 billion in Q1 2021.
  • Net income was $469 million in Q1 2022 compared to $99 million in Q1 2021.
  • Basic net income per share was $0.51 in Q1 2022 compared to $0.11 basic net income per share in Q1 2021.
  • Diluted net income per share was $0.50 in Q1 2022 compared to $0.11diluted net income per share in Q1 2021.
  • As of April 30, 2021, Salesforce had total cash, cash equivalents, and marketable securities of $15.02 billion.

Salesforce facing competition from IBM

On May 19, 2021, the news starts circulating in the stock market that IBM is acquiring Waeg to boost its portfolio of Salesforce services and advance its hybrid cloud and artificial intelligence strategies.

IBM is counting on Waeg to help it win more Salesforce business in Europe as Waeg provides a range of Salesforce consulting services, including digital strategy advisory and marketing automation. With more than 400 Salesforce certifications, it serves leading global brands and has great expertise in industries like manufacturing and healthcare.

The first global Dreamforce

OnMay 27, 2021, Salesforce announced the first-ever global Dreamforcetaking place in San Francisco and cities around the world, including New York City, London, and Paris, both in-person and digitally from September 21-23, 2021.

Dreamforce 2021 is Salesforce’s 19th annual Dreamforce experience, a family reunion designed to bring together the entire Salesforce community.

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Conclusion

The CRM stock went up in the after-market after the company released its Q1 2022 financial results which were quite impressive as expected. The CRM can finish the week by continuing its momentum on Friday as well.

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