Home Stock Salesforce Jumps as Next FY Guidance, 4th Revision to Current Suggests Strong...

Salesforce Jumps as Next FY Guidance, 4th Revision to Current Suggests Strong Mome

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Stock Markets30 minutes ago (Sep 23, 2021 12:18PM ET)

(C) Reuters.

By Dhirendra Tripathi

Investing.com – Salesforce stock (NYSE:CRM) climbed more than 6% Thursday as the company’s latest forecasts suggested strong sales momentum at the company that are likely to carry into the next year.

For the next financial year, the company has pegged its revenue guidance to $31.72 billion at the center of the range, a 21% growth from the new estimate for the ongoing financial year.

The company now sees its current-year revenue at $26.30 billion at the center of the range, up from $26.25 billion at midpoint of the estimates given last month. The new guidance translates into a growth of around 24% in the current financial year from last year’s $21.25 billion.

A forecast of 21% growth in next financial year’s revenue after a likely 24% jump this time indicates that many of the tailwinds for software companies created by the pandemic are still intact.

Demand for the company’s cloud-based software and its recent acquisition of office messaging application Slack has been strong as most people continue to work remotely, accentuating demand for its products.

Salesforce Jumps as Next FY Guidance, 4th Revision to Current Suggests Strong Mome

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