Salesforce delivered a record revenue growth in the first quarter, up 24 per cent to US$3.74 billion.
The company’s operating cashflow for Q1 came in at US$1.97 billion, up 34 per cent year-over-year.
Marc Benioff, chairman and co-CEO at Salesforce said, “I am thrilled with our results this quarter, and I am especially excited to have delivered record revenue in Q1 and operating cash flow of almost US$2 billion, up 34 per cent year-over-year.”
Subscription and support revenues were US$3.50 billion, an increase of 24 per cent year-over-year. Professional services and other revenues were US$241 million, an increase of 23 per cent year-over-year.
The record growth has raised the FY20 GAAP earnings per share from US$0.78 to $0.80.
Its first quarter GAAP diluted earnings per share was $0.49, and non-GAAP diluted earnings per share was $0.93.
Keith Block, co-CEO, Salesforce said, “Our strong revenue growth in the quarter reflects the strength of our business and the tremendous demand we’re seeing from customers worldwide.
“Companies of every size and industry are undergoing a digital transformation to better serve their customers and they are choosing Salesforce as their partner.”
During the Salesforce calls to investors, Benioff said, “For fiscal year 2020, we’re guiding to $16.25 billion at the high end of the range, representing 22 per cent projected growth year-over-year, and that’s up US$200 million from 90 days ago when we had our Q4 earnings call. No ever enterprise software company of our size and scale is growing at this rate.”