Salesforce sets higher annual revenue, profit forecast

Salesforce.com Inc had set a higher outlook for its year-on-year revenue and profit. It also reported better-than-expected quarterly revenue after a pandemic-driven shift to remote work boosted demand for the company’s cloud-based software.

Salesforce placed its annual revenue forecast between $25.90 billion and $26.00 billion. As for its profit, it expects a year-on-year profit between $3.79 and $3.81 per share. Shares of the company recorded a 5.4% increase during their extended trading on Thursday.

In the final quarter of 2020, Salesforce had acquired Slack Technologies Inc to provide a digital platform for business-employee communications. This then increased its competition against other software giants such as Microsoft Corp.

Online software providers had benefited the most as companies shifted to remote setup. This work structure continued even after vaccination rates across the globe had advanced.