Salesforce posts upbeat results on hybrid work boost

Salesforce.com on Tuesday reported quarterly revenue and profit above Wall Street estimates, as a pandemic-led shift to hybrid work kept up the strong demand for its cloud-based software, sending its shares up 4 per cent in extended trading.

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Companies like Salesforce reaped the benefits of the pandemic, with organisations doubling down on their effort for digitization and switch to remote working and learning. The fresh restrictions from the spread of the Omicron variant also added a boost.

San Francisco, California-based Salesforce's subscription and support revenue for the fourth quarter rose 24.7 per cent to US$6.83 billion.

Along with demand for its platforms like Customer 360, the recent addition of Slack's workplace app also helped the cloud-based software maker to add users.

Rival Microsoft Corp in January also reported 26 per cent growth in second-quarter revenue for its biggest segment, which offers cloud services and includes its flagship cloud offering, Azure.

For 2023, Salesforce expects revenue of US$32 billion to US$32.1 billion, above expectation of US$31.78 billion.

The company's revenue rose 26 per cent to US$7.33 billion in the quarter, beating analysts' estimate of US$7.24 billion, according to IBES data from Refinitiv.