What happened
Shares of salesforce.com (CRM 1.53%) jumped on Friday, following the release of the cloud computing leader's fiscal 2022 first-quarter results. As of 3:15 p.m. EDT, the tech stock's price was up more than 5%.
So what
Salesforce's revenue leapt 23% year over year to $6 billion. The software giant's operating cash flow, in turn, soared 74% to $3.2 billion, while its free cash flow rose 99% to $3.1 billion.
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Businesses are accelerating their shift to the cloud during the coronavirus pandemic -- a trend that's boosting demand for Salesforce's offerings. "Our performance in the first quarter was strong across all financial metrics," chief financial officer Amy Weaver said in a press release. "We saw record levels of new business and strength across all products, regions, and customer sizes."
Now what
These solid results prompted Salesforce to boost its revenue and cash flow forecast. Management now expects sales to rise roughly 22%, while operating cash flow grows as much as 13%.
"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 [adjusted] operating margin to 18%," CEO Marc Benioff said. "We're on our path to reach $50 billion in revenue in FY26."
