Salesforce Sees Increasing Demand on Expanded Cloud Lineup
- Company raises fiscal year and current quarter sales forecast
- Revenue and profit in the first quarter topped estimates
Breaking Down Salesforce's First-Quarter Earnings Report
Salesforce.com Inc., attracting more customers with a bigger lineup of products, boosted its annual revenue forecast and bolstered optimism about future sales growth for its cloud-based services.
Chief Executive Officer Marc Benioff has been buying companies and investing in technologies to expand Salesforce’s products with more tools in areas such as artificial intelligence and online shopping. The San Francisco-based company announced or closed more than a dozen acquisitions last year that cost more than $4 billion. Benioff’s strategy appears to be paying off, while Salesforce also is benefiting from the general demand for cloud-based software that lets businesses access applications without the expense and effort of installing them on their own servers.