Salesforce Surges on Impressive Earnings and Positive Forecasts

Salesforce shares surged 7% in after-hours trading after the cloud software vendor reported better-than-expected fiscal third-quarter earnings. The company's revenue increased 11% to $8.72 billion, beating analysts' estimates, despite a slowdown in growth rates due to economic uncertainties. Salesforce has managed to boost profits by reducing expenses, including job cuts and office space reductions. The company raised its fiscal 2024 forecast for operating cash flow growth and expects revenue for the fourth quarter to increase by about 10%.