Hybrid Work Demand Boosts Salesforce Earnings Forecast

Share post:

Salesforce beat market expectations for earnings between May and July as the company’s revenue continues to grow thanks to the increasing use of automation and artificial intelligence.

To continue on the path of revenue growth, the software maker announced Wednesday that its recent decision to switch to hybrid work will help it maintain strong demand for its cloud-based software in the third quarter, boosting revenue.

In the second quarter that ended July 31, Salesforce revenue rose 23% to $6.34 billion, beating estimates of $6.24 billion.

For the third quarter of fiscal 2022, Salesforce forecast revenue of between $6.78 billion and $6.79 billion, above estimates of $6.6 billion.

While demand for its cloud-based software continues to grow strongly, Salesforce has fended off competition from legacy companies such as Oracle, Microsoft and German rival SAP through a series of acquisitions, including workplace messaging app Slack.

For more information, read the original story in Reuters.

Featured Tech Jobs

SUBSCRIBE NOW

Related articles

China approves Broadcom-VMWare merger, last hurdle is cleared

The long-anticipated merger between Broadcom and virtualization giant VMware has been approved by Chinese regulatory authorities, marking the...

Elon Musk’s X sues Media Matters over report linking ads to extremist content

Elon Musk's X has initiated legal action against the progressive watchdog group Media Matters, in response to an...

OpenAI aggressively pursues Google AI talent with offers up to $10 million

In a bold move to bolster its AI expertise, OpenAI is reportedly offering lucrative compensation packages, potentially worth...

Booths axes self-scan machines for human cashiers

Supermarket chain, Booths is axing almost all of its self-scan machines in favor of human cashiers. The company,...

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways