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Why Salesforce Shares Are Rising

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Salesforce ($CRM@US) was trading higher Thursday, rebounding after it fell following soft fourth-quarter guidance. Concerns over the COVID-19 omicron variant have also lifted some remote work stocks in recent sessions. Salesforce reported quarterly adjusted earnings of $1.27 per share, which beat the estimate of 92 cents per share. The company reported quarterly revenue of $6.86 billion, better than the estimate of $6.8 billion. Salesforce expects fourth-quarter adjusted earnings of 72 cents to 73 cents. Marc Benioff, chair and CEO of Salesforce, said "We delivered another phenomenal quarter, fueling strong revenue growth, margin and cash flow. Salesforce is more relevant and strategic than ever as every company accelerates their digital transformation journey.” Salesforce provides enterprise cloud computing solutions, including Sales Cloud, the company's main customer relationship management software-as-a-service product. Salesforce has traded as high as $311.75 and as low as $201.51 over a 52-week period. The stock was up about three and a half % at $260.44 at publication time.

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