Shares of cloud-based software provider Salesforce Inc rose 16% to $193.91, its biggest intraday gain since August 2020, after announcing a strong profit forecast for the full year on Thursday.
The company also doubled its share buyback program to $20 billion.
Shares of Salesforce closed at $186.59, up 11.50%, on the NYSE on Thursday.
Salesforce reported better-than-expected fourth-quarter earnings on Wednesday. For the fourth quarter ending January 31, 2023, its revenue grew 14% to $8.38 billion, beating forecasts for a 9.2% increase.
The software maker said on Wednesday that its operating margin will be around 27% in fiscal 2024, up from 22.5% in fiscal 2023.
The company’s plans to integrate artificial intelligence into all of its cloud, as well as Slack, data analytics platform Tableau and the MuleSoft platform, also boosted the stock.
In the past few months, Salesforce has laid off 8,000 employees, reshuffled its board of directors and lost several top executives.
Salesforce stock was up 26% this year, more than double the Nasdaq 100’s rally.
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