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Salesforce (CRM-1.58%) shares jumped by over 9% to around $361 per share during midday trading on Wednesday after the company’s fiscal third-quarter results surpassed expectations.
The cloud software company reported revenues of $9.44 billion for the third quarter of fiscal year 2025 — up 8% from the previous year. Its revenue included subscription and support revenue, which was up 9% year over year to $8.88 billion. Salesforce’s analysts’ estimates compiled by FactSet (FDS+1.14%) expected revenue of $9.37 billion. The company reported earnings per share of $2.41 but was expected to report $2.44.
“We delivered another quarter of exceptional financial performance across revenue, margin, cash flow, and cRPO,” Salesforce chief executive Marc Benioff said in a statement. “Agentforce, our complete AI system for enterprises built into the Salesforce Platform, is at the heart of a groundbreaking transformation. The rise of autonomous AI agents is revolutionizing global labor, reshaping how industries operate and scale. ”
In November, Benioff told the Wall Street Journal’s (NWSA+1.37%) “The Future of Everything” podcast that he thinks “we all got drunk on the ChatGPT Kool-Aid” and that he hopes people are using AI “to improve humanity and making things better.” Salesforce launched its Agentforce suite of AI agents that can handle service, sales, marketing, and commerce tasks in September.
The company slightly raised its guidance for fiscal year 2025 to between $37.8 billion and $38 billion from its previous guidance of between $37.7 billion and $38 billion. The company set fiscal fourth quarter guidance between $9.9 billion and $10.1 billion. Analysts expect $10 billion for the next quarter, according to FactSet.
Gains by Salesforce and other tech stocks drove the Dow Jones Industrial Average up nearly 200 points on Wednesday morning.