By Maria Armental
Salesforce.com Inc. on Monday reported a stronger profit for the latest period and presented a bullish view on sales growth, targeting $26 billion to $28 billion in revenue by fiscal 2023.
"This is just the beginning," Co-Chief Executive Keith Block said in a statement, adding that the ambitious goal would imply "organically doubling our revenue again in the next four years."
Salesforce reported revenue of $13.28 billion in the year ended Jan. 31.
Overall, the San Francisco company reported a fourth-quarter profit of $362 million, or 46 cents a share, compared with $206 million, or 28 cents a share, a year earlier. Excluding stock-based compensation and other items, profit rose to 70 cents a share from 47 cents a share.
Revenue rose to $3.6 billion from $2.87 billion a year earlier.
Salesforce had forecast 54 cents to 55 cents a share in adjusted profit, on $3.55 billion to $3.56 billion in revenue.
The business-software company expects profit this year to reach 66 cents to 68 cents a share, or $2.74 to $2.76 a share on an adjusted basis, compared with analysts' projected 84 cents a share, or $2.75 a share on an adjusted basis.
Shares closed down 3.7% Monday and fell about 3% in after-hours trading.
Salesforce now expects revenue to reach $15.95 billion to $16.05 billion, up from its earlier view of $15.9 billion to $16 billion.
Officials from Salesforce, founded in 1999 by former Oracle Corp. executive Marc Benioff and partners, have pointed to strong demand from cloud computing, artificial intelligence and other areas as part of what is being called a Fourth Industrial Revolution.
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