The global economy is slowing down, and an epic run-up in the value of the U.S. dollar relative to other currencies is taking a bite out of the revenues and profits of multinational companies. Cloud software businesses, though, are displaying strength. Big businesses currently favor projects with quick returns on investment, and shifting digital operations to the cloud delivers just those sorts of rapid benefits.

To wit, Salesforce (NYSE: CRM) and ServiceNow (NYSE: NOW) both reported solid second-quarter earnings despite numerous challenges. However, one of these cloud stocks looks like the better buy right now.

Salesforce has a broad portfolio of software solutions that help its clients make the most of their customer data and transform their IT operations for the cloud. Through the first half of its fiscal 2023, revenue is up 23% year over year to $15.1 billion. Free cash flow is up 12% to $3.63 billion, giving it a margin of 24%.  

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Source Fool.com