Published in Cloud

Salesforce does better than expected

by on23 August 2019

Cloud services doing well

Salesforce forecast third-quarter and full-year revenue above what the cocaine nose jobs of Wall Street expected.

It was all thanks to benefits from acquisitions and more companies opting for its cloud-based services.

The company said it expects revenue of $4.44 billion to $4.45 billion for the current quarter, topping analysts’ expectations of $4.25 billion.

Salesforce has spent billions of dollars buying outfits such as Tableau and MuleSoft.

The San Francisco-based company expects the Tableau acquisition, its biggest ever, to add value in the range of $550 million and $600 million for the year.

Tableau, which provides AI-enabled data analytics to companies like Netflix and Verizon, was acquired on 1 August for $15.3 billion.

The company raised its 2020 revenue forecast in the range of $16.75 billion to $16.90 billion, beating analysts’ estimates of $16.64 billion. It previously forecasts a range of $16.10 billion to $16.25 billion.

Total revenue increased 22 percent to $4 billion in the second quarter ended July 31, compared with analysts’ estimates of $3.95 billion.

Revenue from Sales Cloud, its flagship product for customer relationship management, rose 12.5 percent to $1.13 billion, accounting for about a third of its revenue.

Net income fell to $91 million from $299 million a year earlier.

Excluding items, it earned 66 cents per share, above analysts’ expectations of 47 cents.


Last modified on 23 August 2019
Rate this item
(0 votes)

Read more about: