Salesforce Jumps Most in Two Years After Optimistic Results
- Revenue may hit $3.56 billion in fiscal fourth-quarter
- ‘Exactly the type’ of results market wants to see now
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Salesforce.com Inc. shares jumped the most in more than two years after the maker of cloud-based applications software reported billings and sales that topped analysts’ estimates, signaling the company’s products for the financial services and health industries will help maintain its rapid growth.
Billings, a metric of sales productivity, grew 27 percent in the fiscal third quarter to $2.89 billion, according to data from JMP Securities. Analysts had expected $2.68 billion. The shares rose as much as 9.5 percent to $139.60, the most intraday since February 2016.