Benioff Now Sole Salesforce CEO as 3rd Quarter Proves Strong

‘Solid’ is how Salesforce described its third quarter fiscal 2023 earnings. That wouldn’t be inaccurate, as revenue of $7.84 billion was up 14% year-over-year.

Co-CEO Bret Taylor also announced that he is stepping down. This leaves Salesforce co-founder and chairman Marc Benioff, who also served as co-CEO, as head of the company.

Salesforce stock fell by 6% in extended trading on Wednesday, though its price was climbing back up midday Thursday ET.

Salesforce’s Marc Benioff

“We had a solid quarter with revenue,” Benioff said. “We’re grateful to our customers for their commitment, especially as we help them succeed in this challenging environment. There’s never been a more important time for our customers to connect with their customers in a whole new way.”

Officials said Salesforce was continuing to drive profitable growth in the quarter, closing more transformational deals and multicloud expansions. Amy Weaver is president and CFO at Salesforce.

Salesforce’s Amy Weaver

“We delivered another quarter of double-digit top and bottom-line growth,” Weaver said. “In this time of economic uncertainty, we remain committed to profitable growth and consistent operating margin expansion.”

Subscription and support revenues were $7.23 billion, an increase of 13% year-over-year. The category that includes platforms such as Slack, which it bought last year, reported $1.51 billion in sales, an 18% increase year-over-year.