The cloud software giant posted financial results that handily beat its own expectations for the second quarter of fiscal 2022 (the three months ended July 2021), and CEO Marc Benioff and his team had plenty of good news to report on continued long-term momentum. This top cloud stock remains a buy in my book following the earnings update for three reasons.
1. The core business is still going strong
Salesforce’s revenue increased 23% year over year to $6.34 billion — its first-ever quarter with over $6 billion in sales. Leading the charge with a more than 24% year-over-year increase to $1.88 billion was the largest of its four reporting segments, the “platform and other” unit, primarily made up of data management outfits MuleSoft and Tableau.