When Salesforce.com Inc. (NYSE: CRM) released its fiscal second-quarter financial results after the markets closed on Wednesday, the company said that it had $0.71 in earnings per share (EPS) and $3.28 billion in revenue. The consensus estimates were calling for $0.47 in EPS and $3.23 billion in revenue, and in the same period of last year, the company said it had $0.33 in EPS and $2.56 billion in revenue.

During the most recent quarter, subscription and support revenues were $3.06 billion, an increase of 28% year over year. Professional services and other revenues were $221 million, an increase of 14% year over year.

Unearned revenue on the balance sheet as of July 31, 2018, was $5.88 billion, an increase of 24% year over year and 24% in constant currency.

Remaining performance obligation, representing future revenues that are under contract but have not yet been recognized, ended the second quarter at roughly $21 billion, an increase of 36% year over year.

Looking ahead to the fiscal third quarter, the company expects to see EPS in the range of $0.49 to $0.50 and revenue between $3.355 billion and $3.365 billion. Consensus estimates call for $0.54 in EPS and $3.35 billion in revenue.

Marc Benioff, board chair and co-CEO of Salesforce, commented:

Salesforce’s vision and position as the #1 sales, service, marketing and CRM platform is enabling our customers to stay ahead and thrive in this Fourth Industrial Revolution. We are guided by our values as we ensure our technology drives our customers’ success and improves the state of the world.

Shares of Salesforce closed Wednesday at $154.80, with a consensus analyst price target of $157.37 and a 52-week range of $92.11 to $154.97. Following the announcement, the stock was down over 2% at $151.10 in early trading indications Thursday.

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