(Reuters) – Salesforce Inc surpassed estimates for first-quarter revenue on Tuesday, driven by strong demand for business software and tools as companies increasingly adopt hybrid work models, sending its shares up about 5% in extended trading.
Despite inflation climbing to a four-decade high and tapering consumer demand across a range of sectors, many companies spent generously on software to improve efficiencies and incorporate modern-day work-flows including hybrid-work.
Revenue at the enterprise software firm grew 24% to $7.41 billion in the quarter, above analysts’ average estimate of $7.38 billion, according to IBES data from Refinitiv.
The enterprise software firm expects revenue in the range of $31.7 billion to $31.8 billion in the fiscal year ending January 2023, compared with its earlier forecast of $32 billion to $32.1 billion.
(Reporting by Akash Sriram and Yuvraj Malik in Bengaluru; Editing by Shinjini Ganguli)
