Salesforce, widely seen as the world’s premier CRM platform, has posted enormous quarterly growth figures. Its 22% year-on-year revenue jump means the company is on course for full-year revenues of $10 billion.
These results, Salesforce CEO Marc Benioff claims, can be attributed to the company’s competitors simply walking away from the market.
Whether it’s a change in the landscape or a simple acknowledgement of Salesforce’s superiority, many of its competitors have all but given up on the CRM sector. This helped the company reach quarterly revenues of $2.56bn, earnings per share of $0.33 (beating the estimated $0.32) and revenue from subscription and support revenues totalling $2.37bn.
In typically boisterous fashion, Benioff put these results down to the “horrible” job his competitors have done, before they walked away from the market altogether.
He told theregister.co.uk: “Our competitors have done a horrible job in the last few years, a lot of them have really abandoned the CRM market.
“We’ve talked to analysts; we’re shocked, they’re shocked at how these companies have walked out.”
Looking ahead, Benioff claimed that his company’s recent momentum would continue for years to come. With more than $15 billion in billed and unbilled deferred revenue, Salesforce is “well on the path to $20 billion and beyond.”
Though Benioff said that CRM was his ‘fastest-growing segment’, there were expansion opportunities elsewhere in the business. Among these is the further development of its AI platform, Einstein – which offers analytical advice and insight across the Salesforce suite. The machine learning tool is able to use data and language processing to advise sales reps on whether deals are trending up or down. Freed from the more routine admin duties of logging emails, they can set about closing the hot leads or warming any up that have gone cold.
Elsewhere, Benioff said that Salesforce will look to create a new crop of third-party developers for its service and further expand its cloud services.