Marc Benioff, co-CEO of Salesforce, highlights robust sales projections, stating that the company is now $30 billion ahead of its targets.
- On Tuesday, Marc Benioff, co-CEO of Salesforce, informed CNBC's Jim Cramer that the company had just experienced "perhaps the best quarter we've ever had."
- Benioff stated on "Mad Money" that it is evident not only in the quarterly guidance, but also in the company's plans for the next fiscal year.
On Tuesday, Marc Benioff, co-CEO of Salesforce, shared the company's latest financial results with CNBC's Jim Cramer, stating that it was "perhaps the best quarter we've ever had."
Salesforce's shares rose 3% in extended trading Tuesday after the company reported better-than-expected fourth-quarter revenue and earnings, and provided a better full-year outlook for fiscal 2023.
Benioff stated that the current quarter was exceptional, possibly the best ever, and it's evident in both the quarterly guidance and the company's future fiscal year plans. Salesforce anticipates revenues between $32 billion and $32.1 billion in fiscal 2023.
The actual revenue exceeded the $31.78 billion projected by analysts surveyed by Refinitiv.
In fiscal 2022, Salesforce generated $26.49 billion in revenue. If the company's high-end revenue guidance for 2023 is accurate, it would represent a 21.17% increase in revenue year-over-year.
Benioff, the co-founder of Salesforce, stated that they are leaving behind $20 billions and now have $30 billions ahead of them.
Salesforce's growth is driven by digital transformation and the need for diverse tools to support clients, as evidenced by its recent acquisitions of Tableau, MuleSoft, and Slack, according to Benioff.
Salesforce's operating cash-flow performance and projections have pleased Benioff, with the company reporting $6 billion for fiscal 2022, up 25% year over year, and expecting 21% to 22% growth in fiscal 2023.
Salesforce shares have risen 7% in the past five trading sessions, but they are still down 27% in the past three months due to investors shifting their focus from growth-oriented technology companies to more defensive sectors.
Salesforce (CRM) is owned by Cramer's charitable trust.
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