Salesforce guided fiscal second-quarter earnings at $1.01 to $1.02 per share with revenue being $7.69 billion to $7.70 billion. Wall Street was looking for $1.14 in adjusted earnings per share on $7.77 billion in revenue.

“We had another great quarter, delivering $7.4 billion in revenue, up 24% year-over-year,” said Marc Benioff, Co-CEO, Salesforce. “There is no greater measure of our resilience and the momentum in our business than the $42 billion we have in remaining performance obligation, representing all future revenue under contract. While delivering incredible growth at scale, we’re committed to consistent margin expansion and cash flow growth as part of our long-term plan to drive both top and bottom line performance.”

“Our financial results once again demonstrate the strength and durability of our business model as we continue to see strong demand from customers across the entire Customer 360 portfolio,” said Bret Taylor, Co-CEO, Salesforce. “Salesforce has become even more strategic and relevant to our customers as we are providing them with the agility and resilience they need to drive growth and efficiency in these uncertain economic times.”

“Our portfolio of products remains well-positioned to serve our broad set of customers,” said Amy Weaver, President and CFO, Salesforce. “We have been able to deliver strong growth while also driving disciplined decision-making, enabling us to expand our operating margin guidance for the full year.”

Salesforce delivered the following results for its fiscal first quarter:

Revenue: Total first quarter revenue was $7.41 billion, an increase of 24% year-over-year, and 26% in constant currency. Subscription and support revenues for the quarter were $6.86 billion, an increase of 24% year-over-year. Professional services and other revenues for the quarter were $0.56 billion, an increase of 30% year-over-year.

Operating Margin: First quarter GAAP operating margin was 0.3%. First quarter non-GAAP operating margin was 17.6%.

Earnings per Share: First quarter GAAP diluted earnings per share was $0.03, and non-GAAP diluted earnings per share was $0.98. Mark-to-market accounting of the company’s strategic investments benefited GAAP diluted earnings per share by $0.01 based on a U.S. tax rate of 25% and non-GAAP diluted earnings per share by $0.01 based on a non-GAAP tax rate of 22%.

Cash: Cash generated from operations for the first quarter was $3.68 billion, an increase of 14% year-over-year. Total cash, cash equivalents and marketable securities ended the first quarter at $13.50 billion.

Remaining Performance Obligation: Remaining performance obligation ended the first quarter at approximately $42.0 billion, an increase of 20% year-over-year. Current remaining performance obligation ended the first quarter at approximately $21.5 billion, an increase of 21% year-over-year, 24% in constant currency.