Salesforce beats third-quarter revenue estimates on strong cloud demand
· CNA · Join:Salesforce beat Wall Street expectations for third-quarter revenue on Tuesday and raised the lower end of its annual revenue forecast, helped by robust spending on its enterprise cloud portfolio.
The company's shares rose more than 3 per cent to $342 in extended trading.
Client spending on Salesforce's software products and data cloud has remained healthy as companies seek to streamline and enhance their corporate workflows and process large quantities of data while integrating artificial intelligence.
Rivals such as data analytics provider Snowflake and software firm ServiceNow gave upbeat revenue forecasts, reflecting the burgeoning demand for AI software services and growing client budgets.
Salesforce's revenue for the third quarter came in at $9.44 billion, beating the average analyst estimate of $9.35 billion, according to data compiled by LSEG.
The company now expects revenue between $37.8 billion and $38 billion, compared with its prior forecast range of $37.7 billion to $38 billion.
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