Technology Roundup – Facebook-backed Libra currency group renames itself Diem, Salesforce acquiring Slack

Facebook-backed Libra currency group renames itself Diem ahead of potential January launch

• The Libra Association – the splashy effort backed by Facebook (NASDAQ:FB) to create a new digital currency – has rebranded itself.
• It’s renamed itself to Diem, and Reuters says the libra currency is also now called Diem.
• The news follows reports in the Financial Times that the currency could roll out in a limited fashion as soon as January. That rollout would come as a single coin (backed one-for-one by the dollar), and with other currencies added to the backing basket later.
• And it also follows the earlier renaming of Facebook’s digital wallet from Calibra to Novi. Novi told the FT that the currency is ready as a product, but its rollout will be partial for reasons including that it needs to get licenses in up to 10 U.S. states.
• Meanwhile, other backers of Diem including Uber (NYSE:UBER) and Spotify (NYSE:SPOT) say they’ll wait to see how the public receives the currency before electing to use it.
• The chief differentiator between Diem and popular cryptocurrencies like Bitcoin (BTC-USD) is the backing by government currency – meant to stabilize the new offering and ensure secure global transactions.

Salesforce acquiring Slack in $27.7B cash and stock deal

• Salesforce (NYSE:CRM) signs a definitive agreement to acquire Slack (NYSE:WORK) in a deal with an enterprise value of about $27.7B.
• Each Slack shareholder will receive $26.79 in cash and 0.0776 Salesforce shares per share.
• Salesforce expects the deal, which will be funded with a combination of new debt and cash on hand, to close during Q2 FY22.
• “Stewart and his team have built one of the most beloved platforms in enterprise software history, with an incredible ecosystem around it,” says Salesforce CEO Marc Benioff.  “This is a match made in heaven. Together, Salesforce and Slack will shape the future of enterprise software and transform the way everyone works in the all-digital, work-from-anywhere world. I’m thrilled to welcome Slack to the Salesforce Ohana once the transaction closes.”
• CRM shares are down 2.7% AH and Slack is down 3%, likely because investors were already expecting today’s deal announcement.

Veeva Systems EPS beats by $0.10, beats on revenue

• Veeva Systems (NYSE:VEEV): Q3 Non-GAAP EPS of $0.78 beats by $0.10.
• Revenue of $377.52M (+34.4% Y/Y) beats by $15.66M.
• Revenues from Subscription services of $302.9M (+34% Y/Y) beats consensus $295.1M and Professional services and Other of $74.6M beats consensus $66.2M.
• Adj. operating margin of 41.2% vs. consensus of 38.5%.
• Q4 2021 Guidance: Total revenues of $378-$380M; adj. operating income of $136-$138M; Non-GAAP EPS of $0.67-$0.68.
• 2021 Guidance: Total revenues of $1,446-$1,448M; adj. operating income of $566-$568M; Non-GAAP EPS of $2.83-$2.84.
• 2022 Guidance: Total revenues of $378-$380M;  Subscription services revenues of $1.39-$1.4B; adj. operating margin of roughly 37%.

Salesforce.com EPS beats by $0.99, beats on revenue

• Salesforce.com (NYSE:CRM): Q3 Non-GAAP EPS of $1.74 beats by $0.99; GAAP EPS of $1.15 beats by $1.11.
• Revenue of $5.42B (+20.2% Y/Y) beats by $160M.
• Billings: $4.56B vs. $4.74B consensus.
• Q4 Guidance: Revenue of $5.665B-$5.675B vs. $5.53B consensus. Non-GAAP EPS of $0.73-$0.74 vs. $0.86 consensus.
• Raised FY21 Guidance: Revenue of $21.1B-$21.11B vs. prior guidance of $20.7B-$20.8B ($20.8B consensus).

Non-GAAP EPS of $4.62-$4.63 vs. prior guidance of $3.72-$3.74 ($3.75 consensus)

• Shares -0.4%.

Box EPS beats by $0.06, beats on revenue

• Box (NYSE:BOX): Q3 Non-GAAP EPS of $0.20 beats by $0.06; GAAP EPS of -$0.03 beats by $0.07.
• Revenue of $196M (+10.6% Y/Y) beats by $1.73M.
• Adj. Operating margin of 18%, Up 18% Points Y/Y.
• Billings were $185.5M, an increase of 8% Y/Y.
• Q4 2021 Guidance: Revenue: $196M – 197M, above $194.3M estimate; EPS: ($0.08 – 0.06); non-GAAP EPS: $0.16 – 0.18 vs $0.14 estimate.
• Fiscal 2021 Guidance: Revenue: $768M – 769M vs $769M estimate; EPS: ($0.32 – 0.30); non-GAAP EPS: $0.64 – 0.66, above the $0.58 estimate.
• Shares -5.07%.

Technology