Salesforce Cost-Cutting Campaign Eases Fears About Slowdown
- Company raises fiscal-year sales, profit and margin outlook
- Quarterly revenue gains 11% and earnings beat estimates
The Salesforce Tower in San Francisco.
Photographer: Marlena Sloss/BloombergThis article is for subscribers only.
Salesforce Inc. was pushed by activist investors earlier this year to boost profits. For the third quarter in a row, Chief Executive Officer Marc Benioff showed he heard the message.
The software giant gave a revenue and profit forecast for the current period that topped analysts’ estimates, signaling progress in the campaign to cut costs and quelling some anxiety about a sales slowdown. The shares jumped 5.1% as trading got underway in New York on Thursday.