Salesforce Shares Rise on Raised Guidance

November 18, 2015, 9:52 PM UTC
Photo courtesy: Bloomberg

(Reuters) – reported a quarterly adjusted profit above market expectations, driven by higher demand for its web-based sales and marketing software.

Shares (CRM) of the world’s largest maker of online sales software were up nearly 4% in extended trading on Wednesday.

San Francisco-based Salesforce has been benefiting as more businesses choose cheaper and easier cloud software services. The company provides its services online, with no software directly installed on PCs.

Salesforce raised its revenue forecast for the year ending January 2016, for the fourth time, to $6.64 billion to $6.65 billion from $6.60 billion to $6.63 billion.

The company’s net loss narrowed to $25.2 million, or 4 cents per share, in the third quarter ended Oct. 31, from $38.9 million, or 6 cents per share, a year earlier.

Excluding items, Salesforce earned 21 cents per share, beating analysts’ average estimate of 19 cents per share, according to Thomson Reuters I/B/E/S.

Revenue rose 23.7% to $1.71 billion. Analysts on average had expected $1.70 billion.

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