Salesforce CEO Marc Benioff has claimed that its competitors "have done a horrible job in the last few years" in wake of the news that the cloud CRM provider’s revenue has climbed 26 per cent year-over-year.
Largely based on what he perceives to be a decline of rival CRM vendors investing in the market, Benioff said: "Our competitors have done a horrible job in the last few years, a lot of them have really abandoned the CRM market. We’ve talked to analysts, we’re shocked, they’re shocked at how these companies have walked out of the CRM market."
However, this has largely been to Salesforce’s benefit, with the company on track for its first $10 billion year. Reporting its 2018 second quarter figures, the firm hit $2.56 billion, with a net income of $17.7 million (down from $229.6 million, mostly due to tax returns last year).
Earnings per share were at $0.33, above analyst estimates of $0.32. Subscription and support revenues were $2.37 billion (up 26 per cent) and professional services and ‘other’ revenues made up $193 million (up 28 per cent).
"Our continued momentum as the leader in CRM, the fastest-growing segment of our industry, combined with more than $15 billion in billed and unbilled deferred revenue, puts us well on the path to $20 billion and beyond," Benioff added.
He also said that the company is expanding its cloud services and that the company is making big investments in machine learning and AI through its Einstein platform. In addition, Benioff acknowledged efforts to add a new crop of third-party developers for its service.