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Salesforce Reports Second Quarter Fiscal 2021 Results; Marc Benioff Quoted

3 mins read
Marc Benioff
Marc Benioff Salesforce Chair and CEO

Salesforce has announced results for its fiscal second quarter ended July 31, 2020, reporting tha the total second quarter revenue was $5.15 billion, an increase of 29 percent year-over-year, and 29 percent in constant currency. 

"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," said Marc Benioff, chair and CEO of Salesforce, on Wednesday

Salesforce stated that the subscription and support revenues for the quarter were $4.84 billion, an increase of 29 percent year-over-year. Professional services and other revenues for the quarter were $0.31 billion, an increase of 23 percent year-over-year.

The company’s second quarter GAAP diluted earnings per share was $2.85, and non-GAAP diluted earnings per share was $1.44. Salesforce announced that the mark-to-market accounting of the company's strategic investments positively impacted GAAP diluted earnings per share by $0.55. 

GAAP diluted earnings per share was also benefited by $2.17 as the company changed its international corporate structure, which included the consolidation of intangible property, resulting in a $2 billion net tax benefit related to foreign deferred tax assets.  

Salesforce reported that the cash generated from operations for the second quarter was $0.43 billion, a decrease of 2 percent year-over-year. Total cash, cash equivalents and marketable securities ended the second quarter at $9.28 billion.

The company’s remaining performance obligation ended the second quarter at approximately $30.6 billion, an increase of 21 percent year-over-year. Current remaining performance obligation ended the second quarter at approximately $15.2 billion, an increase of 26 percent  year-over-year. 

"Salesforce was founded on our belief in stakeholder capitalism and our core values of trust, customer success, innovation and equality. Our success in the quarter brought all of this together with the power of our Customer 360 platform, the resilience of our business model, putting our customers first and doing our part to take care of all of our stakeholders. We know that together we have an opportunity to emerge from these times even stronger," Benioff added. 

About Salesforce

Salesforce is the global leader in Customer Relationship Management (CRM), bringing companies closer to their customers in the digital age. Founded in 1999, Salesforce enables companies of every size and industry to take advantage of powerful technologies—cloud, mobile, social, internet of things, artificial intelligence, voice and blockchain—to create a 360-degree view of their customers.