Coronavirus Update: Salesforce Beats Earnings Expectations

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Good morning, it’s Wednesday, August 26. Here’s your daily coronavirus update.

There are over 23.9 million cases of the virus worldwide, with over 820,000 deaths.

According to Johns Hopkins, the U.S. has surpassed 5.7 million cases with over 178,000 deaths.

Per the COVID-19 Tracking Project, there were 36,679 new cases reported Tuesday, which is slightly up from the 35,000 reported on Monday. 634,461 new tests were reported. And 1,147 deaths were reported yesterday, which is a spike from the 300 deaths reported Monday per the data collected by the Tracking Project.

Jerome Powell will speak tomorrow at the Kansas City Fed's annual retreat in Jackson Hole, Wyoming. Though, due to COVID-19, the retreat will be held virtually.

Powell is expected to outline a newer, more flexible approach to inflation targeting, a move that could include allowing consumer prices to run hotter, for longer, in order to compensate for years of undershooting the Fed's preferred 2% target in his virtual speech.

Salesforce reported adjusted earnings in the second quarter that beat forecasts and the company’s revenue surged past $5 billion for the first time ever.

Salesforce reported adjusted earnings of $1.44 a share on sales of $5.15 billion.

The company also lifted its guidance for the year, saying it now expects sales of $20.7 billion to $20.8 billion, up from previous guidance of $20 billion, and annual adjusted earnings to $3.72 to $3.74 a share.

CEO Marc Benioff said, “It’s humbling to have had one of the best quarters in Salesforce’s history against the backdrop of multiple crises seriously affecting our communities around the world.”

You can follow Katherine Ross on Twitter at @byKatherineRoss.

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