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Salesforce Earnings Rise on AI Push, Cost-Cutting Measures [Video]

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Marketing Platforms and CRM

Salesforce (CRM)’s third-quarter earnings climbed faster than analysts predicted as customers shifted toward the company’s cloud-based services in anticipation of new AI offerings.

The cloud software firm posted net income of $1.22 billion, for diluted earnings per share of $1.25, up significantly year-over-year. Revenue was boosted by subscription and support services and increased by 11.2% to $8.72 billion.

Salesforce has signaled its intention to go all-in on AI in recent months. The company has repackaged many of its popular products into a single cloud-based platform.

However, a recent report by KeyBanc suggests that it may take more time for Salesforce’s AI developments to yield increased sales. For the time being, customers are moving toward the company’s cloud-based platform in anticipation of AI-related benefits down the line.

“We’re now the third largest enterprise software company by revenue, the number one AI CRM and the number one enterprise apps company,” said CEO Marc …

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