Salesforce beats quarterly revenue estimates

FILE PHOTO: The company logo for Salesforce.com is displayed on the Salesforce Tower in New York City, U.S., March 7, 2019. REUTERS/Brendan McDermid/File Photo

(Reuters) -Salesforce.com Inc 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% 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 $5.96 billion in the first quarter, compared with analysts’ estimates of $5.89 billion, according to IBES data from Refinitiv.

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

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