Salesforce lifts annual forecast as business software demand stays strong

Salesforce raised its annual revenue forecast on Wednesday and projected quarterly sales above estimates as it benefits from a recent price hike and resilient demand for its cloud and business software offerings in an uncertain economy.

Shares of the company rose 6% in extended trading.

The results fan optimism about a recovery in technology spending in the second half of 2023 after earnings from major cloud players including Amazon.com and Alphabet-owned Google suggested that the slowdown was nearing an end.