Salesforce Churns Out $50 Billion Rally as Challenges Mount
- Software stock has held up relatively well in recent sell-off
- Weak margins, competition have yet to shake bullish analysts
Attendees stand in the lobby area of the the Salesforce Tower in San Francisco, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Billionaire Marc Benioff’s expansionist philosophy for Salesforce.com Inc. is winning over customers and investors even as the software maker faces growing challenges from emerging competitors and its own heavy spending.
Salesforce was a bright spot in a technology earnings season marred by disappointments and a market sell-off that dealt blows to many other high-momentum stocks. While Salesforce wasn’t immune to the rout, a rosy forecast helped prop up the shares and reassured skittish investors that the company’s double-digit growth will continue.