Can (CRM) - Get, inc. Report  regain its footing Tuesday?

The stock stalled out after Salesforce reported its fiscal first-quarter results in mid-May. In fact, CRM can't get through $92. The company's second-quarter report will likely be pivotal for the CRM bulls out there.

Investors are concerned about two things: billings growth and margins.

As Salesforce has grown larger, it is becoming more seasonal. After the first-quarter report, the company implied second-quarter billings growth of 16% year over year, which was lower than the 18% most investors were expecting.

In the quarterly slide presentation, second-quarter deferred revenue is expected to be down 7% sequentially, while revenue was guided to a range of $2.51 billion to $2.52 billion. Add it all up and it means deferred revenue could be down more than $350 million this quarter, compared to down $180 million last year.

Investors are expecting a strong quarter, and theoretically Salesforce could deliver 19-20% billings growth, which would put to rest any slowdown concerns.

If the company can deliver a better billings quarter, it will be because it will steal billings from the third quarter. Built into most analyst models is an assumption that third-quarter billings will range from 12% to 14%. And that's OK, because it would set up Salesforce for a big fourth quarter.

As for the other investor concern -- margins -- first-quarter non-GAAP operating margins fell 126 basis points to 13.3%. Analysts are expecting operating margins to widen 80-100 basis points sequentially this quarter. Indeed, operating margins are expected to be up more than 200 basis points in the second half versus the first half of the year.

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Operating margins should rise into next year as Salesforce gains operating leverage over its expenses. Total operating expenses are projected to fall from 68% of revenue in fiscal 2015 (fiscal years end in February) to 60-61% in the current year.

Right now, the consensus is expecting revenue of $2.51 billion (up 23%) and earnings of $0.32 per share for the second quarter. For the full year, analysts are modeling EPS of $1.30 and revenue of $10.28 billion (up 22.5%).

If the investment community is wrong and Salesforce simply delivers an in-line quarter, the stock will likely stay trapped in the low $90s as investors keep worrying about billings growth and margins.

A strong quarter would put to rest these concerns, however, and bust the stock out of the $92 area and higher. New product announcements and the anticipation of a bullish November analyst meeting could push CRM into overdrive.

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This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.