Salesforce's Earnings Per Share Doubled. The Operating Business Did Not.

The quarter contained a real backlog acceleration and promising Slackbot adoption. It also contained a $2.53-per-share investment gain, acquisition-assisted growth, and a much more leveraged balance sheet.

Salesforce reported adjusted earnings per share, its non-GAAP measure, of $5.90 for its fiscal second quarter. That was up 103 percent from a year ago.

That headline is accurate. It is also a poor description of the operating quarter.

Salesforce disclosed that gains on strategic investments contributed $2.53 to non-GAAP earnings per share. The filing does…