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Salesforce reports higher quarterly net income, revenues

Salesforce.com Inc. reported a strong first quarter of fiscal year 2019, with net income of 46 cents per share, up from zero in the prior-year quarter on a GAAP basis after adjustment under newly adopted accounting standards.

Adjusted GAAP net income for the quarter was $344 million, up from $1 million a year ago.

Non-GAAP net income was $557 million, or 74 cents per share, up from $212 million, or 29 cents per share in the prior-year period.

The company posted a 25% year-over-year increase in quarterly revenue to $3.01 billion from $2.40 billion. Subscription and support made up the bulk of that figure, at $2.81 billion, up from $2.21 billion in the previous year.

Income from operations for the quarter was $191 million, up from $4 million in the previous year after adjustment under the recently adopted standards.

The company expects a loss of 8 cents to 9 cents per share during the second quarter of 2019 on a GAAP basis. However, on a non-GAAP basis, EPS is expected to be between 46 cents and 47 cents. Revenue is projected to be between $3.22 billion and $3.23 billion for the quarter.

For the full fiscal year 2019, GAAP EPS is expected to be between 49 cents and 51 cents. Non-GAAP EPS is forecast to be in a range of $2.29 to $2.31. Revenues are expected to be between $13.08 billion and $13.13 billion.