Why Salesforce Stock Was Up This Afternoon
Shares of Salesforce (NYSE: CRM) were up as much as 3.5% Thursday morning. By 1:22 p.m. ET, it had given back some of those gains, up 1.7%.
The company held its annual investor day on Wednesday, where management updated its strategy and long-term growth opportunities. Worries over the economy and higher interest rates have sent the stock down 41% year to date, but the presentation yesterday was a good reminder of how much room Salesforce still has to grow.
Gartner now sees Salesforce's total addressable market reaching nearly $300 billion by 2026, representing a compound annual growth rate of 13%. Management sees enormous potential to continue expanding its Customer 360 platform to specific industries. Over the last year, Salesforce's nonprofit and higher education business has grown from $2.9 billion to $3.8 billion, or about 50%.
Source Fool.com
