Salesforce beats quarterly revenue estimates

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Salesforce beats quarterly revenue estimates reported quarterly revenue on Thursday that beat analysts' estimates, helped by increased demand for its cloud-based software following a pandemic-led shift to remote work.

The company's shares rose 3 percent in extended trading.

Online software providers are reaping the benefits as many companies are continuing with the option of remote work even as vaccination rates rise in some countries like the United States.

Salesforce agreed to buy Slack Technologies Inc in December to provide a unified platform for businesses to connect their employees, customers and partners with each other and the apps they use, intensifying its competition against Microsoft Corp, whose Teams software is Slack's biggest rival.

Salesforce reported total revenue of US$5.96 billion in the first quarter, compared with analysts' estimates of US$5.89 billion, according to IBES data from Refinitiv.

Net income rose to US$469 million, or 50 cents per share, in the quarter ended April 30, from US$99 million, or 11 cents per share, a year earlier.

(Reporting by Tiyashi Datta in Bengaluru; Editing by Shounak Dasgupta)

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