CRM

Salesforce beats quarterly revenue estimates on strong demand for software

Credit: REUTERS/BRENDAN MCDERMID

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May 31 (Reuters) - Salesforce Inc CRM.N surpassed estimates for first-quarter revenue on Tuesday, driven by strong demand for business software and tools as companies increasingly adopt hybrid work models, sending its shares up about 5% in extended trading.

Despite inflation climbing to a four-decade high and tapering consumer demand across a range of sectors, many companies spent generously on software to improve efficiencies and incorporate modern-day work-flows including hybrid-work.

Revenue at the enterprise software firm grew 24% to $7.41 billion in the quarter, above analysts' average estimate of $7.38 billion, according to IBES data from Refinitiv.

The enterprise software firm expects revenue in the range of $31.7 billion to $31.8 billion in the fiscal year ending January 2023, compared with its earlier forecast of $32 billion to $32.1 billion.

(Reporting by Akash Sriram and Yuvraj Malik in Bengaluru; Editing by Shinjini Ganguli)

((yuvraj.malik@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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