Salesforce co-CEO Keith Block departs; company raises outlook
Salesforce.com Inc. raised its annual revenue forecast and announced an acquisition to expand the software maker’s growing lineup of cloud-based products after major purchases in the past two years.
“Keith Block’s departure as Salesforce.com CEO dims enthusiasm over a strong 4Q, as he’s been critical to successes over the past seven years and leaves a short-term vacuum,” Anurag Rana, an analyst at Bloomberg Intelligence, wrote in a research note. On Tuesday, the company announced it had agreed to spend about $1.33 billion for Vlocity Inc., a startup that makes software hosted on Salesforce’s cloud. Vlocity said it passed more than $100 million in revenue less than five years after it was founded. Its apps focus on six specific industries and help subscribers manage relationships with their customers, including T-Mobile US Inc. and TELUS Corp.
“Keith’s strategic thinking and operational excellence have deeply strengthened our company,” Benioff said in a statement. Block will be an adviser to the CEO, the company said.In the fiscal fourth quarter, Salesforce said revenue gained 35% to $4.85 billion, marking the second consecutive period of more than 30% year-over-year growth. Analysts, on average, projected $4.75 billion. Earnings, excluding some items, were 66 cents a share, topping analysts’ estimates of 56 cents.
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