Salesforce CEO Marc Benioff Discusses First Quarter FY19 Results with CNBC’s Jim Cramer
Salesforce Chairman and CEO Marc Benioff discussed on Tuesday the company’s “fantastic quarter” in an interview with Jim Cramer on CNBC’s “Mad Money.”
“Customers are going through a massive digital transformation, and every digital transformation starts and ends with the customer. We saw diversified success across all the industries we work in,” Benioff said. “You have to connect with your customers in a whole new way, build a 360-degree view of customers, and you have to know customer like never before. Customers can turn to Salesforce to do that.”
Earlier Tuesday Salesforce announced total first quarter revenue of $3.01 billion, an increase of 25% year-over-year, and 22% in constant currency. Salesforce increased its guidance of annual revenue for fiscal 2019 to $13.125 billion at the high end of the range for 25% year-over-year growth “We are fast-tracking to $20 billion, that’s crystal clear,” Benioff said in the interview. Among the customer wins in the quarter were Marriott, Align Technology, U.S. Department of Agriculture, Kering, and Citibank.
Benioff said the key to leading customers through a digital transformation is trust. “I talk to so many CEOs, and if I could give them one piece of advice it’s that there’s nothing more important than trust that you have with your customers, with your employees, with your partners, with all your key stakeholders,” he said. “That’s a major transformation of business. In today’s world you’ve got to have trust as your highest value. When you lose trust, like we saw with Facebook, then you have to really work hard to earn it back. In that case you have a crisis of trust.”
Salesforce trades on the New York Stock Exchange under the ticker symbol CRM. For more on the earnings report, read the press release and see the company slides.
Salesforce Announces Record First Quarter Fiscal 2019 Results