U.S. cloud computing company reports 25 percent increase in annual revenue

Updated 2018-03-01 10:40:02 Xinhua

U.S. cloud computing company Salesforce Wednesday announced better-than-expected earnings of 10.48 billion U.S. dollars for full fiscal year, an increase of 25 percent year-on-year.

Salesforce, which is a San Francisco-based global leader in customer relationship management (CRM), announced results for its fiscal fourth quarter and full fiscal year ended Jan. 31, 2018.

Total fourth quarter revenue was 2.85 billion U.S. dollars, growing 24 percent year-over-year, and 21 percent in constant currency, it said in a statement.

Salesforce said its cash generated from operations for the fourth quarter was 1.05 billion dollars, up 49 percent year-over-year, while the figure for the full fiscal year 2018 was 2.74 billion dollars, an increase of 27 percent year-over-year.

The company said its revenue for the first quarter of fiscal 2019 is projected to be 2.925 billion dollars to 2.935 billion dollars, an increase of 23 percent year-over-year.

Though its revenue comes from a CRM product, Salesforce also sells commercial applications of social networking through acquisition and internal development.

In 2016, it was one of the most highly valued American cloud computing companies with a market capitalization above 61 billion dollars.

It was the first cloud company that had seen its revenue crossing the threshold of 10 billion dollars in 2017.

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