Salesforce, the leading AI CRM provider, has announced impressive figures for its third quarter fiscal 2024, ending on October 31, 2023. The company’s revenue surged to $8.72 billion, marking an 11 percent increase compared to the same period last year.
The growth was primarily propelled by subscription and support revenues, which reached $8.14 billion, showcasing a notable 13 percent increase. However, professional services and other revenues experienced a slight decline, totaling $0.58 billion, down by 4 percent.
Marc Benioff, Chair and CEO of Salesforce, expressed enthusiasm about the company’s achievements, stating, “We’re now the third largest enterprise software company by revenue, the number one AI CRM, and the number one enterprise apps company.”
Looking ahead, Salesforce is aiming for a revenue range of $9.18 billion to $9.23 billion for its fourth fiscal quarter and an ambitious target of $34.75 billion to $34.8 billion for the full fiscal year. The company has also revised its full-year adjusted profit forecast to be between $8.18 and $8.19 per share, a positive increase from its previous projection of $8.04 to $8.06 per share.
This upward trend in profitability underscores the success of Salesforce’s strategies, which have revolved around market expansion through acquisitions and a diversified product portfolio.
Earlier in the year, Salesforce had announced plans to hire over 3,000 employees across various departments, following a 10 percent reduction in staff in January aimed at bolstering margins.
Moreover, the company introduced its innovative generative AI tool, Einstein Copilot, in September. This tool is designed to summarize video calls and generate emails, catering to diverse purposes across its suite of apps, including Slack and Tableau.
Salesforce’s continuous innovation and strategic moves reflect a concerted effort to integrate advanced technologies into its offerings, ensuring sustained growth and relevance in the competitive enterprise software landscape.
