Today is Wednesday, June 1, 2022.

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Shares of Salesforce (NYSE: CRM) jumped 9.21% in after-hours trading on Tuesday after the cloud-based software company posted positive earnings.

Financials: Salesforce reported earnings per share of 98 cents and revenue of $7.41 billion; both were better than expected.

Strong Results: Revenue increased 24% year-over-year and the company’s cash flow of $3.68 billion is up 14%.

Quote: “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.” - Marc Benioff, Co-CEO of Salesforce.

Outlook: The $42 billion in performance obligation, which is revenue that will eventually go to Salesforce because it is owed, is up 20%. Salesforce also set its revenue guidance in the second quarter between $7.69 billion to $7.70 billion and revenue guidance for the full year between $31.7 billion to $31.8 billion. These revenue projections are a little light, but still solid.

Numbers: Salesforce has seen its stock drop 36% in the past six months, so it’s a better value now.

Final Thoughts: Salesforce is a good company, but it’s a tough macroeconomic environment for technology companies. Will Salesforce continue to grow?

Notable Earnings Today: GameStop (NYSE: GME), Capri Holdings (NYSE: CPRI), Donaldson Co. (NYSE: DCI), Chewy (NYSE: CHWY), Affimed (Nasdaq: AFMD), Hewlett Packard Enterprise (NYSE: HPE), Conn's (Nasdaq: CONN), C3.ai (NYSE: AI), Hovnanian Enterprises (NYSE: HOV), Mongodb (Nasdaq: MDB), Weibo (Nasdaq: WB), UiPath (NYSE: PATH), VersaBank (Nasdaq: VBNK), Pure Storage (NYSE: PSTG), NetApp (Nasdaq: NTAP), Elastic (NYSE: ESTC), Veeva Systems (NYSE: VEEV), American Superconductor (Nasdaq: AMSC), PVH (NYSE: PVH), Semtech (Nasdaq: SMTC).

Notable IPOs Today: Zhong Yang Financial Group Limited Ordinary Shares (Nasdaq: TOP), Procure Disaster Recovery Strategy ETF (Nasdaq: FEMA).

Notable Equity Crowdfunding Campaigns Ending Today: N/A

Notable Economic Events Today: ADP Nonfarm Employment Change (8:15 a.m. ET), Manufacturing PMI (9:45 a.m. ET), ISM Manufacturing Employment / PMI (10:00 a.m. ET), Beige Book (2:00 p.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).

Facebook’s parent company Meta Platforms (Nasdaq: FB) announced Tuesday that it is changing its ticker symbol.

Details: Starting June 9, Meta Platforms’ new ticker symbol will be META and it will replace the FB ticker symbol. The company will still trade on Nasdaq.

Background: In October 2021, Facebook rebranded its name to Meta in order to expand its focus on the metaverse, which is essentially a virtual world on the internet.

Final Thoughts: Shares of Meta Platforms are down 37% in the past six months. It’s been a tough few months for social media platforms, but the company is trying to reinvent itself and thrive in a new world.

Online games and betting may play a big role in the development of the cryptocurrency industry, according to a May 2022 report from gambling software company SOFTSWISS.

Turn It Over: In the past two years, SOFTSWISS found that turnover in the online betting industry has increased significantly, which confirms the growing adoption of crypto.

Big Jump: The sum of bets in digital coins in the first quarter of 2022 more than doubled year-over-year, according to SOFTSWISS. This shows that crypto gambling is growing.

Final Thoughts: Crypto traders should always consider the practical applications of crypto, which include online gaming and online betting.

Not Happening: Forbes abandons plans to list via Spac (Financial Times)

May-Be Not: A late-May rally in stocks isn't cause for investor celebration just yet (Yahoo! Finance)

Netflix and Not So Chill: Netflix’s anti-password sharing experiment in Peru reportedly leaves users confused (The Verge)

No Problems Here: HP’s Quarterly Revenue Gains 3.9% on Thriving Business Demand (Bloomberg)

The Secret is Out: Victoria’s Secret reports better-than-expected profit but warns challenges could persist (CNBC)

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