Salesforce (NYSE: CRM) was one of the pioneers of cloud-based software, but it fell out of favor during the pandemic as expenses soared and revenue growth suddenly slowed. It was all but forgotten, except by longtime shareholders, that co-founder and longtime CEO Marc Benioff actually knows how to grow a profitable business.

Benioff and company just provided a reminder that they know what they're doing. The company beat expectations in its latest quarter, and provided yet another upgrade to its outlook for current-year profitable growth. As the economy slows and what customers need from cloud-based software evolves, Salesforce remains a top-notch stock in my book.

Salesforce's second quarter of fiscal 2024 (the three-month period ended in July 2023) was better than predicted. Revenue was up 11% year over year to $8.6 billion, $70 million above the high end of management's guidance provided a few months ago.

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Source Fool.com