Salesforce.com Inc has beaten Wall Street analysts estimates for quarterly revenue as more companies opted for its SaaS CRM platform. Total revenue for the San Francisco-based company rose 33% to $4.51 billion, which was above the estimate of $4.45 billion, according to Refinitiv.
The company, however, reported a net loss of $109 million, or 12 cents per share, in the third quarter ended Oct. 31, compared with a profit of $105 million, or 13 cents per share, a year earlier.
For the financial year, Salesforce now expects revenue of $16.99 billion to $17 billion, compared with the $16.9 billion average analyst estimate, according to Refinitiv.
Salesforce continues to generate growth in its core product, which provides customer relationship management tools to businesses. Revenue from that business unit increased some 15% to $1.17 billion. To support the core business that many believe is now reaching maturity, Salesforce is likely to turn to synergistic acquisitions as it seeks to expand into new markets.
Earlier this year, it completed the $15.3 billion acquisition of the data analytics company, Tableau.