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Salesforce to slow hiring and M&A activity after posting strong Q1 results

Salesforce saw revenue rise 24% year over year to $7.41 billion, marking a strong start the financial year for the software-as-a-service giant. However, net income fell 94% from $469 million to $28 million for the quarter.

Revenue for Sales Cloud was $1.63 billion during the quarter; Service Cloud was $1.76 billion; Marketing and Commerce Cloud $1.1 billion; Data Cloud—which includes Tableau and Mulesoft—$955 million; and Platform—which now includes messaging service Slack—was $1.42 billion, including a $344 million contribution from Slack alone.

Salesforce continues to benefit financially from its $27.7 billion acquisition of Slack in 2020. This is a trend that looks set to continue, as organizations across the globe continue to have conversations about facilitating hybrid and remote work models.

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Source:: Computerworld