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Salesforce’s Marc Benioff on goal to double revenue — ‘Slack changes every thing’


Salesforce CEO Marc Benioff, after saying that the software program big is buying Slack Technologies, advised CNBC Tuesday that the corporate is on a path to double revenue.

In its fiscal third-quarter report launched after the shut, Salesforce supplied steerage of $25.5 billion on the excessive finish in fiscal 2022. Benioff, who based Salesforce in 1999, mentioned in an interview with Jim Cramer that the corporate is assembling the instruments to attain even larger.

When Cramer requested if the Slack deal might assist the corporate triple its quarterly revenue, Benioff mentioned Slack is one a part of the answer to Salesforce’s long-term objectives.

“I have a $50 billion (revenue) dream, which is what I’m shooting for,” he mentioned in a “Mad Money” look. “I feel very excited and motivated on everything that we need to do to double the company once again, and to make that happen we have to architect a complete solution” encompassing promoting, advertising and marketing, service and integration.

Salesforce reported earnings of $1.15 per share on an adjusted foundation, topping analyst estimates of 75 cents. The firm posted $5.42 billion on the highest line, exceeding the $5.25 that Wall Street was anticipating, rising gross sales by 20% from a yr in the past.

In its final 5 fiscal years, Salesforce has grown gross sales at a greater than 24% annual clip. The firm is on tempo to obtain that progress fee after rising gross sales by 26% within the first three months of the 2021 fiscal yr.

Salesforce mentioned it was buying the messaging collaboration app Slack for $27.7 billion, its largest deal to date. It’s the newest in a string of massive splash offers Salesforce made for software program firms MulesSoft, which it bought for $6.5 billion in 2018, and Tableau, which it picked up for $15.three billion final yr.

“Slack changes everything and makes Salesforce a whole new type of company,” Benioff mentioned.

“Customers are rearchitecting how they are working,” he added. “Now with Slack, it provides this incredible credible window into a collaborative interface onto all of our services and the whole enterprise itself.”

Shares of Salesforce are up greater than 48% yr to date. Shares fell 1.81% to $241.35 in Tuesday’s session and are down greater than 4% in after-hours buying and selling.

Disclosure: Cramer’s charitable belief owns shares of Salesforce.

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