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Salesforce co-CEO Marc Benioff touts strong sales forecast, says “$30 billion is now ahead of us”

Salesforce co-CEO Marc Benioff presented the enterprise software giant’s latest financial results on Tuesday, telling CNBC’s Jim Cramer it was “maybe the best quarter we’ve ever had.”

Shares of Salesforce, which have suffered badly over the past three months, jumped 3% in extended trading on Tuesday as Wall Street reacted to the company’s fourth quarter figures. Revenue and earnings per share beat estimates, while the outlook for fiscal 2023 is also better than analysts expected.

“It was an amazing quarter, possibly the best quarter we’ve ever had, and you can really see that not just in the quarterly guidance, but where we’re looking at the next fiscal year,” said San Francisco-based Benioff, noting Salesforce projects revenue between $32 billion and $32.1 billion for fiscal year 2023.

That’s above the $31.78 billion that analysts polled by Refinitiv had expected.

Salesforce posted revenue of $26.49 billion in fiscal year 2022, so the top of its revenue forecast for 2023 would represent an increase of just over 21% year over year. other.

“We’re leaving the $20 billion behind us, and the $30 billion is now in front of us,” said Benioff, who co-founded Salesforce in 1999.

He said Salesforce’s next stage of growth continues to be driven by digital transformation and its customers need a wide range of tools to support their own customers. That’s why Salesforce has been working to stitch together all of its recent acquisitions, Benioff said, citing data analytics firm Tableau, integration software provider MuleSoft and chat app Slack.

Benioff also said he was pleased with Salesforce’s operating cash flow performance and projections. The company reported $6 billion for fiscal 2022, up 25% year-over-year, and with expectations for growth of 21% to 22% for fiscal 2023.

Shares of Salesforce, a component of Dow, have risen 7% in the past five sessions, but have remained down nearly 27% in the past three months as investors shy away from growth-focused tech companies towards more defensive segments of the market.

Disclosure: Cramer’s charitable trust owns shares of Salesforce (CRM).

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