Wait to Buy Salesforce Stock, Jim Cramer Says

Jim Cramer weighs in on Salesforce's earnings.
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Let's go over Salesforce's earnings.

For its fiscal first-quarter 2021, which ended April 30, Salesforce posted revenue of $4.87 billion, slightly beating analysts' forecast of $4.85 billion. Its non-GAAP earnings per share were 70 cents, versus 69 cents expected by analysts.

Looking ahead, the company issued second-quarter revenue guidance of between $4.89 billion to $4.9 billion, up roughly 22% year over year and lower than an analyst consensus of $5.03 billion.

For the full year, Salesforce updated its revenue guidance to approximately $20 billion, up 17% year over year. It had previously guided for between $21 billion to $21.1 billion for fiscal 2021.

"Our results, amidst this global crisis, demonstrated our ability to execute at speed, innovate at scale, and the strength of our business model," said Marc Benioff, Salesforce CEO. "We made long-term investments in keeping our employees safe, supporting our customers, delivering crucial innovation like Work.com, and helping our communities with PPE, grants, and technology. The pandemic showed us that digital is imperative for every company, and we're confident Salesforce will continue to accelerate as we bring our customers into the new normal."

Jim Cramer talked about his interview with Marc Benioff, CEO of Salesforce. Overall, though, Cramer said he liked the quarter from Salesforce.

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