Benzinga | Dec 2, 2021 12:45PM EST

Why Salesforce Shares Are Rising

Salesforce.com Inc (NYSE:CRM) is trading higher Thursday, rebounding after it fell yesterday following soft fourth-quarter guidance. Concerns over the COVID-19 omicron variant have also lifted some remote work stocks in recent sessions.

What Happened: Salesforce reported quarterly adjusted earnings of $1.27 per share, which beat the estimate of 92 cents per share. The company reported quarterly revenue of $6.86 billion, which beat the estimate of $6.8 billion.

Salesforce expects fourth-quarter adjusted earnings of 72 cents to 73 cents. The company expects fourth-quarter revenue to be in a range of $7.224 billion to $7.234 billion versus the estimate of $7.22 billion.

"We delivered another phenomenal quarter, fueling strong revenue growth, margin and cash flow. Salesforce is more relevant and strategic than ever as every company accelerates their digital transformation journey," said Marc Benioff, chair and CEO of Salesforce.

Related Link: Salesforce Stock Falls After Q3 Earnings: Analysts React To Conservative Guidance, Mulesoft Headwinds

Salesforce provides enterprise cloud computing solutions, including Sales Cloud, the company's main customer relationship management software-as-a-service product.

CRM Price Action: Salesforce has traded as high as $311.75 and as low as $201.51 over a 52-week period.

The stock was up 3.53% at $260.44 at publication time.

Photo: courtesy of Salesforce.