Salesforce Delivered Stellar Results And Unveiled Transforming AI Partnership With Amazon
Portfolio Pulse from Upwallstreet
Salesforce Inc (CRM) reported an 11% YoY increase in Q3 revenue to $8.72 billion and an adjusted profit of $2.11 per share, surpassing Wall Street expectations. Shares rose by 10% following the report. Salesforce is expanding its AI partnership with Amazon.com Inc (AMZN), integrating Amazon Bedrock into its services. Salesforce's largest units saw revenue growth, and it raised its fiscal 2024 operational cash flow growth guidance from 30% to 33%. The company is also forecasting a 10% revenue increase for Q4 and an 11% YoY rise for the full fiscal year.
December 01, 2023 | 4:12 pm
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POSITIVE IMPACT
Amazon's partnership with Salesforce is deepening, with Salesforce integrating Amazon Bedrock into its services, which may enhance Amazon's cloud services reputation and usage.
Amazon's partnership with Salesforce, involving the integration of Amazon Bedrock, is likely to boost the perception and usage of Amazon's cloud services, potentially having a positive impact on Amazon's stock in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Salesforce's Q3 earnings exceeded expectations with significant revenue growth, leading to a 10% share price increase. The expanded AI partnership with Amazon is expected to further enhance Salesforce's offerings.
Salesforce's strong earnings report and positive guidance, along with the announcement of an expanded partnership with Amazon, are likely to instill investor confidence and could lead to a continued increase in stock price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100