The market for Salesforce’s cloud-based sales and marketing tools continues to be hot, as the company posted records for fourth-quarter and full-year revenue Wednesday on the back of strong growth in some of its newer bets.
During the fourth quarter, which for Salesforce is the period ended Jan. 31st, revenue was $2.85 billion, up 24 percent compared to the same period last year. Analysts polled by Yahoo Finance were expecting revenue of $2.81 billion.
Net income was $67.5 million, a substantial improvement over the $51 million loss posted in the year ago quarter. Excluding special items, earnings per share were $0.35, just ahead of the average analyst estimate of $0.34.
Revenue from Salesforce’s flagship Sales Cloud product grew 16 percent in the quarter to around $900 million, with revenue from newer products such as Service Cloud, Salesforce Platform (its app development platform) and Marketing Cloud all grew at nearly 30 percent during the quarter.
For the full year, Salesforce recorded $10.5 billion in revenue and raised its revenue guidance for its 2019 fiscal year to a range between $12.6 billion and $12.65 billion, which would be a 20 percent improvement over the just-completed year.
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