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fred hickey
@htsfhickey
Editor, The High-Tech Strategist since 1987.
Joined November 2010
55 Following    65.3K Followers
I'm looking at a summary of an analyst report on Salesforce's numbers last night (20% stock target price upgrade, of course) and I see this explanation: "NNAOV growth was the strongest in four years and significantly outpaced AOV growth, attrition was near record lows, contract duration improved across both new business and renewals, and CRPO accelerated to 14% constant currency, a point ahead of guidance" NNAOV, AOV and CRPO?? Whatever happened to sales & earnings and balance sheet changes? Oh yeah - they don't look so good. Salesforce revenues (+10.8% Y/Y - includes price hikes/inflation). Income from operations (DOWN slightly year-over-year - the big gain in EPS was entirely due to " $2.6 billion of "gains on strategic investments." And the balance sheet: A total wreck. YTD, Debt nearly quadrupled to $39B, total assets declined, total liabilities jumped 34% and stockholders' equity plummeted 35%. I can hear the analysts' refrain on the conference call now: "Nice quarter guys!"
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