Salesforce soars on earnings beat, fuels tech rally

Salesforce shares soared after the company reported its fiscal second-quarter earnings. Yahoo Finance’s On The Move panel breaks down the latest financial results.

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JULIE HYMAN: Let's get to earnings right now. I want to talk about Salesforce, because those shares are trading higher today. I believe they're trading at a record, in fact, after they reported revenue rose by 29%. Julia, I know you follow that company closely. A lot of demand for cloud-related products. No surprise there.

JULIA LA ROCHE: Yeah, Julie, I'm actually looking at the stock. It's up about 26% on the day, following those stellar earnings results, beating on the top and bottom line, posting earnings per share of $1.44 versus estimates of $0.67. And of course, you just mentioned revenue rising 29% to come in at $5.15 billion, topping expectations of $4.9 billion.

Really, if you just look across their different lines of business, whether it was a sales cloud, service cloud, you're seeing stellar growth. Also, the recent acquisition, I guess it's been a couple of years now, the Tableau acquisition, Benioff was really singing the praises of that acquisition as being one of the best in the space.

And then he kind of also tied it back to, and I'm going to speak to him later on, why was Salesforce doing so well. You see a lot of folks talk about this. He kept on saying, this is a win for stakeholder capitalism and saying that values bring values. There's a lot to unpack here. They've been innovating, coming out with new products. And then you're seeing customers flock to the cloud, especially in this new normal that we're in.

JULIE HYMAN: Indeed. All right, Julia, I look forward to hearing more about that conversation after it happens.