CRM leader Salesforce projects sale of $8 bn in fourth quarter

Salesforce, the global leader in CRM, is projecting sales of $7.932 – $8.032 billion (+8-10 percent) in its fourth quarter.
Salesforce CRM share in H1 2022Salesforce is targeting full year FY23 revenue of $30.9 – $31 billion (+17 percent).

A diverse portfolio that includes its Customer 360 platform and messaging app Slack has helped Salesforce attract customers at a time when digital transformation is becoming a priority, even as businesses brace for a broader economic downturn.

Q3

Salesforce announced financial results for its third quarter fiscal 2023 ended October 31, 2022.

Salesforce has reported third quarter revenue of $7.84 billion (+14 percent) supported by Subscription revenue of $7.23 billion (+13 percent) and Professional services revenue of $0.60 billion (+25 percent). Salesforce’s operating margin in third quarter was 5.9 percent.

Salesforce registered third quarter revenue of $1.717 billion from Sales, $1.856 billion from Service, $1.513 billion from Platform, $1.129 billion from Marketing and Commerce, and $1.018 billion from Data.

Salesforce, San Francisco-based company, has registered third quarter revenue of $5.361 billion from Americas, $1.45 billion from Europe and $731 million from Asia Pacific that includes China, India and Japan markets.

Salesforce vice chair and co-CEO Bret Taylor to step down

Salesforce announced the resignation of Bret Taylor as Vice Chair and Co-CEO – after spending six years at the CRM major. Marc Benioff will be Chair and CEO of the US based tech company.

Bret Taylor, who previously served as chief operating officer and chief product officer of Salesforce, became the co-CEO in November 2021.

Bret Taylor was a key driving force behind Salesforce’s $27.7 billion takeover of workspace messaging platform Slack Technologies.

Bret Taylor was the co-creator of Alphabet’s Google Maps. Bret Taylor is also credited with devising Meta Platform unit Facebook’s “like” button as the social media giant’s chief technology officer.

The above chart prepared by research firm IDC indicates that Salesforce is the dominant player in CRM business with 22.9 percent share in the first half of 2022. Other CRM vendors include Microsoft (5.8 percent), Oracle (5.1 percent), SAP (4.7 percent) and Adobe (3.6 percent).