Salesforce achieves significant revenue growth, targets $10 bn

CRM company Salesforce said its revenue has reached $2.29 billion (+27 percent) in Q4, and $8.39 billion (+26 percent) in 2016.

Subscription and support revenue of Salesforce was $2.11 billion (+25 percent) in Q4 and $7.76 billion (+25 percent) in 2016.

Professional services and other revenues of Salesforce were $183 million (+45 percent) in Q4 and $636 million (+38 percent) in 2016.

Salesforce is estimating revenue of approximately $10.15 billion to $10.20 billion, an increase of 21 percent to 22 percent year-over-year.

Keith Block, vice chairman, president and COO, Salesforce, said: “For fiscal 2018, we expect to deliver more than $10 billion in revenue — reaching that milestone faster than any enterprise software company in history.”

Salesforce made changes to its Consulting Partner Program that encourage multi-product sales to drive additional large transactions and achieve $10 billion in annual revenue in FY2018, said analyst from Technology Business Review.

Salesforce’s multi-product sales strategy is supported by continued portfolio expansion into adjacent areas of the value chain, often through acquisitions.

“Salesforce continues to deliver incredible innovation and unprecedented customer success,” said Marc Benioff, chairman and CEO of Salesforce. “With our latest release we are making artificial intelligence available to millions of Salesforce users with Einstein.”

“Multi-product sales as well as an increasing emphasis on professional services and vertical tailoring are critical to Salesforce’s ability to assist with these transformations and drive larger deal sizes. Of the ten largest deals signed in the quarter, eight included multiple solutions and Salesforce now has one hundred customers with contracts worth at least $10 million,” said Kelsey Mason, analyst at TBR.

TBR, in its latest research report, said Salesforce doubled the number of customers with contracts worth $20 million or more.

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