CRM HPQ CRWD NTAP Quick Takes

CRM +4%: Decent results as cRPO beat at 11% cc vs street/buyside around 10% / revs in line…Rev guide slightly below but cRPO guide in line…CFO is leaving

Q2 revenue/OpMgn of $9.33b/33.7% vs. Street at $9.22b/32.0%
Q2 cRPO of $26.5b (+11% in CC) vs. Street at $26.3b and buyside thinking ~10% range
Q3 Guide: Revenue/ EPS to $9.325b/$2.43 vs. Street at $9.40b/$2.42
Q3 Guide: cRPO growth to 9% vs buyside around ~9%

Full year rev affirmed with OPM upped to 32.8% from 32.5%. FY cash flow growth upped to 23-25% from 21-24%

Overall, a bit better than feared but nothing spectacular

CRM RESULTS: Q2
- ADJ EPS $2.56 vs. $2.12 y/y, EST $2.35
- Revenue $9.33B, +8.4% y/y, EST $9.23B
- Subscription and support revenue $8.76B, +9.5% y/y, EST $8.7B
- Sales $2.07B, +9.3% y/y, EST $2.01B
- Service revenue $2.26B, +10% y/y, EST $2.21B
- Professional services and other revenue $561M, -6% y/y, EST $531.9M
- Unearned revenue, end of period $15.22B, EST $15.17B
- Adj. income from operations $3.14B, +16% y/y, EST $2.96B
- ADJ…