Salesforce claims it's on track to become a $10bn company next fiscal year
Firm announces third-quarter revenue growth of 25 per cent
Salesforce, the once self-styled antithesis of a software company, reckons it's on track to become a $10bn software company in its next fiscal year.
Chief executive Marc Benioff made the claim as he announced third-quarter revenue growth of 25 per cent to $2.14bn for the three months to 31 October.
Deferred deals grew by 23 per cent to $3.5bn.
Benioff said in a statement: "I'm delighted to announce that we expect to deliver our first $10bn year during our fiscal year 2018, which puts us well on the path to reach $20bn faster than any other enterprise software company."
Benioff has said before that Salesforce would become the fastest software company to hit $10bn.
Salesforce reckons it'll now make more than initially expected for the current year so increased its full-year revenue guidance by $50m to $8.37bn.
Wall Street loves a winner, especially so in cloud where growth over profit is the maxim, and here, again, Salesforce conformed to past performance.
As Salesforce grew so did its costs – operating expenses are up 21 per cent to $1.5bn with a net loss on that growth of $37.3m, an increase of 48 per cent over a year ago. Loss per diluted share increased a cent to $0.05. ®