By Senad Karaahmetovic

Salesforce (NYSE: ) increased its adjusted guidance for EPS in full-year, exceeding analyst expectations.

A Q1 adjusted EPS was 98c for the company, which is compared with $1.21 in 2012 and well above the consensus projections of 95c per share. The revenue was $7.41Billion in this period. This is 24% more YoY than the consensus estimate of $7.38B.

CRM’s adjusted operating margin was 17.6% for the quarter. This is in line with analyst expectations and a decrease of 20.2% over the previous year.

Salesforce anticipates an adjusted EPS of between $1.01 and $1.02 for Q1. This is well below the $1.14 share estimate. Salesforce expects Q2 revenues to be between $7.69 billion and $7.70 billion. This is also lower than the $7.77 billion expected.

Salesforce predicts an adjusted EPS range of $4.74 – $4.76 for the full year, which is up from $4.62 – $4.64 guidance. It beats consensus estimates of $4.68 a share. CRM projects revenue between $31.7 billion and $31.8 billion. This is down from previous estimates of $32 billion-$32.1 billion. Analysts were expecting $32.08 billion.

Roth Capital Partners analyst Richard Baldry said CRM delivered results that were “not as bad as feared.”

“While we view a recession as a likely scenario, and we expect global instability to continue for the foreseeable future, we believe CRM, like many of the Cloud-centric SaaS vendors we cover, offers a compelling value proposition for its clients in terms of enabling greater revenue growth and/or cost-cutting,” Baldry said in a client note.

Mizuho analyst Gregg Moskowitz echoed Baldry’s thoughts.

“We wouldn’t classify this as an impressive performance, but with CRM a little over 4x CY23 revenue, it should be more than enough. We reiterate that CRM remains very well-situated to help its vast customer base manage revenue and process optimization via digital transformation,” Moskowitz told clients.