Salesforce Reports “Phenomenal Quarter”

Salesforce has reported its fourth-quarter results, beating analysts' expectations on strong services....
Salesforce Reports “Phenomenal Quarter”
Written by Matt Milano
  • Salesforce has reported its fourth-quarter results, beating analysts’ expectations on strong services.

    Salesforce has been at the forefront of the workplace transformation, purchasing Slack and going all-in on remote and hybrid work. The company is also working to help companies transition to the cloud, forming partnerships, and rolling out new tools to help companies and their employees.

    In its fourth quarter, the company reported $7.33 billion, up 26% year-over-year. Subscription and support revenue came in at $6.83 billion, up 25%, while professional services and other revenue increased 46%, coming in at $0.50 billion.

    For fiscal year 2022, revenue was up 25%, coming in at $26.49 billion. Subscriptions and support accounted for $24.66 billion, an increase of 23%, while professional services and other revenue came in at $1.84 billion, a 44% increase.

    “We had another phenomenal quarter and full-year of financial results,” said Marc Benioff, Chair and Co-CEO of Salesforce. “As we continue to see tremendous demand from customers, we’re raising our FY23 revenue guidance to $32.1 billion at the high-end of range, with non-GAAP operating margin of 20%, and operating cash flow growth of 22% year-over-year.”

    “With our customers’ success driving our financial success, we’re generating disciplined, profitable growth at scale quarter after quarter,” said Bret Taylor, Co-CEO of Salesforce. “Our Customer 360 platform has never been more strategic or relevant in driving the growth and resilience of our customers around the world.”

    Executives expressed confidence the company’s momentum will continue into 2023.

    “Fiscal 2022 was a remarkable year for Salesforce. I am particularly pleased with our focus on discipline and profitable growth which drove record levels of revenue, margin, and cash flow,” said Amy Weaver, President and CFO. “I’m confident in the momentum of the business as we build an even stronger company in FY23 and beyond.”

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