Salesforce beats revenue expectations on strong cloud demand

FILE PHOTO: The company logo for is displayed on the Salesforce Tower in New York City, U.S., March 7, 2019. REUTERS/Brendan McDermid

(Reuters) – Inc reported better-than-expected fourth-quarter revenue on Thursday, helped by increased demand for its cloud-based software as remote work stretches further into 2021.

Although vaccine rollouts are under way, rising use of automation and artificial intelligence for smooth working are likely to sustain the digital transformation of operations and cloud adoption trends among businesses.

Over the last year, Salesforce’s revenue grew quarter after quarter as more businesses subscribed to its cloud-based enterprise software after the pandemic pushed them to rethink ways of working in a remote world.

Revenue in the quarter ended Jan. 31 rose to $5.82 billion from $4.85 billion a year earlier. Analysts on average expected revenue to be $5.68 billion, according to IBES data from Refinitiv.

The software company raised its fiscal 2022 revenue forecast slightly to between $25.65 billion and $25.75 billion, above analysts’ average estimate of $25.42 billion.

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