Salesforce heading for first $8bn year

19 Nov 2015

Salesforce’s Q3 earnings have been released, recording a jump of almost a quarter on last year, with the company on course for its first $8bn year by 2017.

Shares jumped on the back of Salesforce’s Q3 results, with $1.71bn in revenues shaping up the company for $6.65bn for the full year this year.

“Salesforce delivered yet another exceptional quarter with 27pc constant currency growth in revenue and 30pc constant currency growth in deferred revenue,” said CEO Marc Benioff.

“I’m delighted to announce that we expect to deliver our first $8bn year during our fiscal year 2017, which puts us well on the path to reach $10bn faster than any other enterprise software company.”

It has been a big quarter for the company. Last month, Salesforce’s corporate ventures arm Salesforce Ventures allocated $100m to invest in European cloud start-ups. The purpose of the investment is to fuel cloud innovation and customer success in the region.

“There is so much incredible innovation happening in Europe today and we want to empower the next generation of enterprise cloud start-ups in the region,” said John Somorjai, executive vice-president of Corporate Development and Salesforce Ventures at Salesforce.

“Our $100m commitment strengthens our mission to help start-ups grow and give back to their communities.”

In September, Salesforce bacame the latest company to get into the IoT game after announcing its new service, the IoT Cloud, at its Dreamforce conference in San Francisco.

Announcing the platform, Salesforce said that it will store and analyse the reams of data it receives through user data generated on consumer devices.

And only last week it was revealed that it spent $3m to adjust its salary sheet, providing equal pay to women and men throughout the company.

Salesforce image via Shutterstock

Gordon Hunt was a journalist with Silicon Republic