Salesforce shares lift on rising Q1 earnings

Salesforce shares rose more than 5% on the New York Stock Exchange Friday after posting what chair and CEO Marc Benioff called "the best first quarter in our company’s history."

Revenue in Q1 rose 23% year-on-year to $5.96 billion thanks to record new business levels and strong sales across all products, regions, and customer sizes president and CFO Amy Weaver said. 

Core subscription and support revenues for the quarter rose 21% on year to $5.54 billion, while professional services and other revenues added another $0.43 billion in Q1, up 47%.

The strong results led Salesforce to raise its revenue guidance for this fiscal year by a further $250 million to $26 billion and put the company on path to reach $50 billion in revenue by fiscal 2026, Benioff said. 

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Along with its bullish Q1 results, Salesforce also unveiled new plans for its massive Dreamforce conference this year to be held from September 21-23, 2021. The annual conference for customers, partners and employees will be hosted in multiple global cities including San Francisco, New York, London and Paris, both in-person and digitally.

The company says it will follow all local public health guidelines and work with medical leaders to ensure safety.  Anyone attending in-person in the US will be required to be fully vaccinated against COVID-19.