Salesforce record fourth quarter and Slack expectations

Salesforce the worlds #1 customer relationship management (CRM) platform has just announced record fourth quarter and full fiscal 2022 results exceeding expectations. The pandemic-led shift to hybrid work has kept up a strong demand for its cloud-based software.

Total fourth quarter revenue was $7.33 billion, an increase of 26% year over year, and 27% in constant currency. Salesforce’s subscription and support revenue for the fourth quarter also rose 24.7% to $6.83 Billion.

“We had another phenomenal quarter and full-year of financial results,” said Marc Benioff, Chair and Co-CEO of Salesforce.

With our customers’ success driving our financial success, we’re generating disciplined, profitable growth at scale quarter after quarter,” said Bret Taylor, Co-CEO of Salesforce. “Our Customer 360 platform has never been more strategic or relevant in driving the growth and resilience of our customers around the world.”

Salesforce has also been working to integrate Slack after its $27.7 billion purchase of the instant messaging platform, as well as adding products in a bid to sell more tools to existing customers. Analysts see a lot of room to increase sales of the company’s flagship software that lets businesses manage and interact with customers. Salesforce believes the software market can grow double digits over the next several years, as companies across the globe continue to have conversations about facilitating hybrid and remote work models.

Salesforce has not slowed down Slack’s roadmap, with the platform launching Slack Huddles and Clips in the second half of 2021.

Salesforce said it expects $1.5 billion in sales form Slack in its fiscal year 2023.

Salesforce’s stock price has been on a downhill ride in the past several months, falling more than 30% from it’s November record high of over $310. Shares have recently increased over 4% and are currently trading at $209.65.

Salesforce (CRM)

Salesforce.com Inc. is the 51^st largest company in the world with total market cap of $205.75 billion

Gavin Patterson the Chief Revenue Office said the global sanctions against Russia arising out of the war with Ukraine will have “minimal impact” on Salesforce’s business and haven’t forced the company to take any actions.

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Sources: Reuters, Yahoo Finance, itnews