Why Salesforce Stock Soared Today
Shares of Salesforce (NYSE: CRM) popped on Thursday after the cloud software leader announced a sharp increase in operating profits and issued an upbeat forecast for the coming year. As of 3:12 p.m. ET, Salesforce's stock price was up more than 11%.
Salesforce's revenue jumped 14% year over year to $8.4 billion in its fiscal 2023 fourth quarter, which ended on Jan. 31. That bested Wall Street's estimates, which called for revenue of $8 billion.
Investors were even more pleased by Salesforce's sharpened focus on profitability. The tech titan's adjusted operating margin improved by a whopping 14.2 percentage points, to 29.2%.
Source Fool.com
