CRM vendor might find itself pushed to the margins to keep investors happy
Asked about his hope for customer"wallet share," Millham said:"With new technology like AI and Data Cloud [the Salesforce analytics environment], there's a huge opportunity for us to go back to our customers and expand the number of clouds that they're using, a big growth opportunity to drive more value for our customers and certainly more success for us as well."
Despite the upbeat results, Salesforce may find itself pushed to continue on its current margins trajectory for some time to keep investors happy. In February this year, Third Point Capital became the fifth activist investor to declare its interest in Salesforce following Mason Morfit's ValueAct, Jeff Ubben's Inclusive Capital, Dan Loeb's Third Point LLC, and Elliott Management, which surfaced in January.
At that point, Salesforce had already targeted a 25 percent operating margin. However, in a report last year, financial analyst firm Starboard suggeststo get it closer to those enjoyed by Oracle and Microsoft . This week, Weaver told analysts:"The margin improvement was driven by savings from our restructuring actions, strengthened revenue, and investment timing."included a 10 percent job cullIf Salesforce is going to get to its hoped-for margins, it's not impossible more"restructuring" could be in the offing despite the upbeat results. ®
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