Salesforce Inc's stock jumped by about 10% on Thursday to a nearly two-year high after the U.S. cloud and business software company reported stellar third quarter results underpinned by strong demand for its services. Salesforce's revenue of $8.72 billion and adjusted profit of $2.11 per share beat Wall Street expectations, the company reported after the closing bell on Wednesday. It also forecast fourth quarter revenue to reach between $9.18 billion and $9.23 billion, and adjusted profit to range from $2.25 to $2.26 per share, higher than analyst estimates.
Shares of Salesforce climbed 9.6% to as high as $252.50, hitting their highest level since January 2022 and on track for the biggest daily percent gain since March this year.