Salesforce reported a 24% increase in year-over-year revenue to $3.74 billion on earnings of 93 cents per share. Analysts were expecting the company to report revenue of $3.66 billion and earnings of 61 cents per share.
"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 $2 billion, up 34% year-over-year," said Marc Benioff, chairman and co-CEO of Salesforce. "We have a massive opportunity in front of us and are well-positioned for long-term growth as the world's No. 1 CRM."
The company also raised its full year earnings per share guidance to between $2.88 and $2.90 per share, from between $2.74 and $2.76 per share previously. Analysts are expecting the company to report earnings of $2.67 per share.
For the second quarter, the company expects to report revenue between $3.94 billion and $3.95 billion vs. Wall Street's $3.94 billion estimates.
"Our strong revenue growth in the quarter reflects the strength of our business and the tremendous demand we're seeing from customers worldwide," said Keith Block, co-CEO of Salesforce. "Companies of every size and industry are undergoing a digital transformation to better serve their customers and they are choosing Salesforce as their partner."
Shares were rising to 1.4% to $152.71 after-hours after rising almost 4% in regular trading on Tuesday.
Salesforce is a key holding in Jim Cramer's Action Alerts PLUS charitable trust.