Salesforce beats Q2 earnings estimates

Yahoo Finance's Jared Blikre provides key takeaways from Salesforce's Q2 earnings.

Video transcript

ADAM SHAPIRO: All right, we want to get back to the floor of [INAUDIBLE]. Jared Blikre's got the latest on earnings from Salesforce. Jared?

JARED BLIKRE: That's right. Stock is popping nicely right now, hit 271, backed off slightly. That's a key level we're going to talk about. Revenue, the top line number for the quarter came in at 6.34 billion, up 23% year-over-year, adjusted EPS coming in at $1.48. The Street was expecting a little bit lower, $1.44. Subscription and support revenue, that's important because it is recurring. That's 5.91 billion. It beat the Street estimate of 5.83 billion, and that number is up 22% year-over-year.

But it gets better when they get into the guidance, 2022 year forecast, they have boosted that to 26.2 billion, to 26.3 billion. Previously, they saw about a billion, 25.9 to 26 billion. Third quarter forecasting revenue of 6.78 to 6.79 billion. So again, both the top and bottom line numbers, those beat and Salesforce is spiking right now.

I mentioned 271 is an important resistance level potentially. The ultimate high, the all-time high in the stock was 280 and change, somewhere in there. So we're going to see what the traders think of Salesforce stock tomorrow morning.

ADAM SHAPIRO: Jared Blikre, thank you very much.