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Why Salesforce Stock Soared Today

TheMotleyFool

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Why Salesforce Stock Soared TodayPhoto, wide shot, wide-angle lens, Software company, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Sebastião Salgado: https://img.theapi.app/temp/70b5df15-67cc-4a1b-af41-3596614daf77.png

Shares of Salesforce (NYSE: CRM) popped on Thursday after the cloud software leader announced a sharp increase in operating profits and issued an upbeat forecast for the coming year. As of 3:12 p.m. ET, Salesforce's stock price was up more than 11%.

Salesforce's revenue jumped 14% year over year to $8.4 billion in its fiscal 2023 fourth quarter, which ended on Jan. 31. That bested Wall Street's estimates, which called for revenue of $8 billion.

Investors were even more pleased by Salesforce's sharpened focus on profitability. The tech titan's adjusted operating margin improved by a whopping 14.2 percentage points, to 29.2%.

Source Fool.com

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