Cloud-based software company Salesforce saw its shares surge 11% on Wednesday to reach a new all-time high. The jump came after the company beat the Wall Street estimates with its third-quarter earnings and indicated a strong potential for its artificial intelligence products.
Salesforce reported a revenue of $9.44 billion for Q3, an 8% year-over-year jump and more than $9.34 billion expected by analysts. Its adjusted operating margin, which is generally a measure of profitability for companies like Salesforce, came at 33.1% against estimates of 32.2%.
A major driver of Salesforce’s third quarter is the company’s focus on artificial intelligence and demand for AI-related products.
That is particularly the case with Agentforce, a tool that allows businesses to build and manage an AI agent that can handle customer support and sales-related tasks without a need for human interaction. Agentforce was first made available in October and has been a big success for the company, resulting in 200 deals already.
Salesforce has now adjusted its guidance for the full fiscal 2025, forecasting revenue between $37.8 billion and $38 billion compared to the $37.7 billion to $38 billion it previously projected.
After the 11% surge, Salesforce stock closed at a record $367.87 per share. The company’s shares are now 43.63% up year-to-date.