Did This News Just Kickstart a Bull Market for Salesforce?
Salesforce (NYSE: CRM) has become what nearly every software-as-a-service (SaaS) company dreams of being when they grow up. Its customer relationship management (CRM) platform is widely used and assists companies with ensuring new and existing clients are cared for through marketing, sales, and customer service.
Despite the company's massive success, the stock remains 44% down from its all-time high. However, after its latest news, Salesforce may have just kick-started a new bull market for its stock. Read on to find out what this catalyst is.
One item that constantly plagues many SaaS businesses is their serial unprofitability. Each company sees a massive market opportunity and is willing to subsidize growth with profitability to capture it. Eventually, investors get fed up with this approach and want to see some profits, which is what Salesforce is doing in its 2024 fiscal year (ending Jan. 31, 2024).
Source Fool.com
