Revenue of the cloud-based software major up by 23% YoY to $5.96bn
Salesforce reported the best first quarter in its history. (Credit: Whoisjohngalt/Wikipedia.org)
Salesforce has reported a net income of $469m for the first quarter of fiscal 2022 ended 30 April 2021 (Q1 FY22), compared to a net income of $99m in the same quarter of the previous fiscal year (Q1 FY21).
In the previous quarter, that is Q4 FY21, the cloud-based software company registered a net income of $267m.
Salesforce’s basic net income per share for Q1 FY22 was $0.51 compared to a basic net income per share of $0.11 in the corresponding quarter of the fiscal year 2021.
The company’s revenue in Q1 FY22 was up by 23% year-over-year (YoY) at $5.96bn compared to $4.86bn in Q1 FY21.
Salesforce president and chief financial officer Amy Weaver said: “Our performance in the first quarter was strong across all financial metrics. We saw record levels of new business and strength across all products, regions, and customer sizes.”
The US-based tech major’s subscription and support revenues were $5.53bn in the reported quarter, which is a year-over-year growth of 21%.
Professional services and other revenues in the reported quarter were $430m, which is an increase of 47% year-over-year.
Salesforce chair and CEO Marc Benioff said: “We had the best first quarter in our company’s history.
“We believe our Customer 360 platform is proving to be the most relevant technology for companies accelerating out of the pandemic. With incredible momentum throughout our core business, we’re raising our revenue guidance for this fiscal year by $250 million to approximately $26 billion and non-GAAP operating margin to 18 percent.”
Benioff added that the company is on the path of achieving $50bn in revenue in the fiscal year 2026.
Earlier this month, the company entered into a partnership with Disney Studios Content. As part of it, the company will enable Disney marketers and filmmakers to speed up their production with the help of new technology coming from the Salesforce Customer 360 customer relationship management (CRM) platform.