Salesforce Inc. recorded 24% revenue in the first quarter

Salesforce Inc. recorded a higher-than-expected 24% revenue increase in the first quarter. This alleviated concerns about the demand for enterprise software. Salesforce stock prices, which fell this year, rose more than 7% as tech stocks sold out, according to the company's after-hours trading results.

The San Francisco-based company reported revenue of $7.41 billion, surpassing company and analyst estimates of $5.96 billion in the year-ago quarter. Inflation and economic concerns have made some consumers and businesses cautious about spending, but Salesforce says demand for software remains strong as businesses seek ways to improve efficiency and profits. 

Cloud-based business service providers and their peers saw a rise in sales during the Covid-19 pandemic after millions of workers around the world set up home offices and employers rushed to expand and improve the use of digital tools. Salesforce revenue increased by more than 50% between 2020 and 2022.