Salesforce CEO Marc Benioff says his company is ‘crushing Oracle’

on May19

After Salesforce reported a 2-cent first-quarter earnings beat and raised its guidance by $100 million for fiscal year 2018, Chairman and CEO Marc Benioff said rival cloud plays simply cannot keep up.

“You can really see we are crushing Oracle,” Benioff told “Mad Money” host Jim Cramer on Thursday. “SAP, Microsoft — it’s just across the board. We’re getting all these great wins in sales, in service in marketing.”

Benioff pointed to a market share chart from IDC, an independent research firm, showing that Salesforce continues to take business away from its competitors.

“Take a look at those numbers. Look at our market share line, Jim, against SAP and Oracle. They’re flat to down. We’re up exponentially. There’s no comparison,” he told Cramer.

Benioff attributed Salesforce’s growth in part to the company’s recent acquisitions, which included Demandware, an e-commerce play, Krux, an audience engagement company, and Quip, a productivity suite similar to Microsoft Office.

The CEO said that Demandware, now known as the Salesforce Commerce Cloud, greatly exceeded his expectations for the first quarter in helping retailers find their footing in the cloud.

“Every major retailer in the world is going through a huge transformation from being primarily kind of brick-and-mortar based to going online. And, in some cases, just as you mentioned, they’re doing both. They’re linking their retail, physical presence, with online. That is really powerful. And we’re doing all that through the Salesforce Commerce Cloud,” he said.

The others, Benioff added, are both amassing a considerable customer base and taking share away from competitors.

“Quip had an incredible deal at 21st Century Fox this quarter where they’re replacing Microsoft Office with 20,000 users using Quip. That is an incredible story,” the CEO said.

All in all, Benioff thanked a number of tailwinds for the company’s better-than-expected results, touting the company’s recently expanded partnerships with Amazon, Visa, and IBM.

“We’re just seeing an amazing set of situations for Salesforce and customer wins, foreign exchange going our way. And also you see it’s really the culmination of many great quarters coming together to produce amazing numbers for this quarter,” Benioff said.

Shares of Salesforce lifted 3 percent in after-hours trading off the company’s strong earnings. The stock later slid slightly, but was still up from where it closed.

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