rallied as much as 29% on Wednesday after reporting a better-than-expected quarterly performance and raising its full-year sales forecast.
The software giant beat estimates for second-quarter revenue and profits as corporate clients rushed to upgrade technology amid the work-from-home shift. Subscription and support revenue surged 29% year-over-year to $4.84 billion, signaling continued demand for its business systems even as some states reopen and office activity slowly resumes.$5.15 billion, versus the $4.9 billion estimate from economists surveyed by Bloomberg.between $20.7 billion and $20.8 billion, versus the $20.
"It's humbling to have had one of the best quarters in Salesforce's history against the backdrop of multiple crises seriously affecting our communities around the world," CEO Marc Benioff said in the report. Salesforce's morning surge led the S&P 500 and pushed the benchmark index slightly higher to a new record.
The guidance boost follows the company's decision in May to cut forecasts due to slowed client spending. Benioff touted Salesforce's new Work.com product - made to aid customers with remote work and reopening efforts - as an"incredible victory" and driver for the company's more optimistic outlook.