Salesforce gives cloud strategy credit for strong Q4

Salesforce grew revenue by 22 percent and earnings by 45 percent in the fourth quarter and the company is crediting its focus on a cloud computing agenda as the main reason.

“While most software companies went backward last year, went forward in a dramatic way,” said Salesforce CEO Marc Benioff, while raising his forecast for 2010 with a prediction of 16 percent year over year growth. He said the company’s gains were a result of winning customers away from Oracle, Microsoft and SAP.

Investors Business Daily quotes Sasa Zorovic of Janney Montgomery Scott saying Salesforce has built “an outstanding market position as the bellwether” for the cloud software sector. “They pioneered it and I think this is where computing is going because it makes sense.”

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