CRM

By Kathryn Hardison

Salesforce Inc. posted higher third-quarter revenue, citing customer demand even against a challenging economic backdrop.

The business software provider posted net income of $210 million, or 21 cents per share, for the recently ended period, down from last year's net income of $468 million, or 47 cents per share, a year ago. Adjusted per-share earnings came to $1.40, above analysts' expectations of $1.22 per share, according to FactSet.

Revenue increased to $7.84 billion, up 19% on a constant-currency basis. Analysts expected $7.83 billion.

Sales of its subscription and support segment increased 13% to $7.23 billion, while professional services revenue increased 25% to $60 million.

"Our customers are tapping into the power of Customer 360 to gain faster time to value and reduce costs," said Co-Chief Executive Bret Taylor, who is stepping down from his position Jan. 31 of next year.

At that time, Marc Benioff will be Chair and sole CEO of the company.

Write to Kathryn Hardison at kathryn.hardison@wsj.com

(END) Dow Jones Newswires

November 30, 2022 16:36 ET (21:36 GMT)

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