Salesforce becomes latest to ride AI wave as Agentforce powers stock surge

Source Cryptopolitan

Salesforce recorded a new high as its shares went up 12% after its recently launched Agentforce helped the company exceed its sales estimate for the quarter. Its performance was boosted by its newly launched AI-integrated products, which analysts also cited in optimistic fiscal forecasts for 2025.

In late October, the customer relationship management (CRM) software heavyweight launched Agentforce, a suite of autonomous AI agents that augment employees and handle service, sales, marketing, and commerce tasks. 

Impressive Agentforce outing and positive forecast for 2025

In the early hours of morning trading, Salesforce shares hit $368.7, a record high that resulted in a potential addition of $35 billion to its current market valuation of $316.85 billion. Many analysts raised their price targets because of their confidence in the stock, according to LSEG data.

Salesforce stock went up 26% this year, with a new median price target of $380 representing an upside of about 15%. 

Other US tech company stocks in the cloud space have also seen surges in their stock prices. For example, Oracle saw a 3.2% rise, while ServiceNow gained 3.5%. Others like Datadog and Snowflake both saw a 4% rise. 

Expectations for Salesforce’s revenue for the 2025 fiscal year have slightly increased by $100 million, increasing to a new range between $37.8 billion to $38 billion compared to its previous forecast of $37.7 billion to $38 billion. 

The company also beat analyst revenue estimates, which rose to $9.44 billion during the third quarter of this year. 

While its steady growth continues to impress, analysts expect increasing enterprise adoption of Salesforce’s solutions to help the company to a steady double-digit percentage growth performance. 

Salesforce enters a competitive autonomous AI agent market

With Agentforce, Salesforce enters the race for stakes in the supply of autonomous AI agents that help businesses complete tasks. It enters competition with the likes of Microsoft, and a rivalry is already developing between both companies. 

Marc Benioff, CEO of Salesforce, called out Microsoft in October on X (Twitter), saying the latter’s Copilot does work and doesn’t deliver any level of accuracy. He also added in a press release that Agentforce is the third wave of AI and actively drives customer success.

A week before Agentforce’s release, Microsoft announced that it would be enabling customers to build autonomous AI agents through its Copilot studio in the following month, which was November.

So far, Salesforce’s Agentforce seems to have delivered on its promise. Bullish on its early success, Salesforce has gone on to project that its AI product will continue to close more deals as it has already delivered 200 deals since its launch. 

Other than the success of its Agentforce AI, Salesforce’s high-performing data cloud was another major contributor to the company’s strong quarter. To meet up with increasing demand for Agentforce, Salesforce executives are reportedly planned to hire 1400 new staff members in the fourth quarter.

A Step-By-Step System To Launching Your Web3 Career and Landing High-Paying Crypto Jobs in 90 Days.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Gold steadies near two-week highs on optimism about China Gold rally maintains its positive momentum intact fuelled by buying from China and safe-haven flows.
Author  FXStreet
4 hours ago
Gold rally maintains its positive momentum intact fuelled by buying from China and safe-haven flows.
placeholder
Magic Eden (ME) Token Soars 53% Amid Binance Listing AnnouncementBinance, the largest crypto exchange platform by trading volume, announced plans to list Magic Eden (ME).
Author  Beincrypto
4 hours ago
Binance, the largest crypto exchange platform by trading volume, announced plans to list Magic Eden (ME).
placeholder
AUD/USD plummets below 0.6400 as RBA Bullock delivers less-hawkish guidanceThe AUD/USD pair plunges below the key support of 0.6400 in Tuesday’s European session.
Author  FXStreet
4 hours ago
The AUD/USD pair plunges below the key support of 0.6400 in Tuesday’s European session.
placeholder
Floki unveils physical debit card as second part of its roadmapFloki revealed that its debit card went live on December 9.
Author  Cryptopolitan
4 hours ago
Floki revealed that its debit card went live on December 9.
placeholder
Is Nvidia Stock a Buy Before Jan. 7? Here Is What History Suggests.It's hard to believe, but 2024 is almost over. Similar to the last two years, perhaps no other company gained as much attention this year as Nvidia (NASDAQ: NVDA).
Author  The Motley Fool
5 hours ago
It's hard to believe, but 2024 is almost over. Similar to the last two years, perhaps no other company gained as much attention this year as Nvidia (NASDAQ: NVDA).
goTop
quote