Salesforce Inc. gave a long-term outlook for sales that exceeded analysts' estimates, signaling to investors that the software company can boost revenue growth in the face of competition from artificial intelligence tools.
The company expects $63 billion in sales in the fiscal year ending in January 2030, Robin Washington, Salesforce chief operating and financial officer, said Wednesday during the company's annual conference. The outlook includes revenue from Salesforce's acquisition of Informatica, which was completed last November. Analysts, on average, estimated $61.4 billion, according to data compiled by Bloomberg.
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The shares were little changed in extended trading after closing at $250.54 in New York. The stock has gained 67% since hitting a low on June 22, but remains down 5.4% for the year.
Salesforce, the leading maker of customer management software, is under pressure to prove it can thrive in an era of developing AI products. During its conference this week, Salesforce has touted a partnership with leading AI startup Anthropic PBC, which has helped ease investor concerns about direct competition from the firm.
Conversations with customers and partners at the conference were "notably more constructive than a year ago, with greater confidence in Salesforce's AI product strategy and execution," Tyler Radke, an analyst at Citigroup Inc., wrote in a note.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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