Salesforce Raises the Full Year Revenue Forecast and Report Quarterly Profits that Surpass Market Expectations
Salesforce. com Inc, the San Francisco, California based company reported its quarterly revenue and profit that surpassed the market expectations. The strong results were mainly attributed to the rise in demand for its Web- based sales and marketing software. Salesforce also raised the full year revenue forecast for the third time this year.
Shares of the cloud computing company jumped almost four during the extended trading hours following the company's announcement of a raised revenue forecast for the ongoing quarter which also surpassed analysts' expectations.
In a conference call, the company's Chief Executive, Marc Benioff said "We'll go from being the sixth largest software company in the world to the fourth largest next year." He added that the company will only be behind Microsoft Corp, Oracle Corp and SAP.
The biggest maker of online sales software in the world raised its full year revenue forecast for the current year from $6.52 billion-$6.55 billion to $6.60 billion-$6.63 billion.
According to Gartner, a tech research firm, Salesforce, is a leader in the customer relationship management market globally which is valued worth $23 billion yearly. The company only provides its services online and none of its software is directly installed on PCs.
On Thursday, it reported its best ever quarter with 24% rise in revenue.