4. Salesforce, Inc. (NYSE:CRM)
Number of Hedge Fund Holders: 122
Salesforce, Inc. (NYSE:CRM) has a Cloud and digital advertising platform. In the second quarter earnings call Salesforce, Inc. (NYSE:CRM) talked in detail about its marketing solutions platform, Cloud and AI:
“In the quarter, we saw add-on products like sales performance management, digital service, self-service and marketing engagement grow 40%. And to help our smaller business customers achieve faster time to value, we introduced a new product called Salesforce Starter in Q2, bringing sales, service and marketing into one integrated offering for our small business customers. As Marc said, Data Cloud is one of our fastest-growing organic innovations ever, and it lets customers unlock the power of their data to supercharge every application and customer experience with AI, automation and analytics. This is driving our strong momentum. Data Cloud was in five of our top 10 deals in the quarter, and we saw great wins at companies like SiriusXM and KPMG.
In the quarter, FedEx made a significant investment in Salesforce by adding Data Cloud, FedEx has long relied on multiple clouds from Salesforce, including sales, service, marketing and Einstein. Now with Data Cloud turned on, every part of Salesforce is deeply integrated to drive growth and deliver more targeted customer engagement and personalized experiences. We’re also seeing strong customer momentum on Einstein generative AI. PenFed is a great example of how AI plus Data plus CRM plus Trust is driving growth for our customers. PenFed is one of the largest credit unions in the US, growing at a rate of the next nine credit unions combined. They’re already using Financial Services Cloud, Experience Cloud and MuleSoft, and our Einstein-powered Chatbots handling 40,000 customer service sessions per month.”
Read the full earnings call transcript here.
Harding Loevner Global Equity Strategy made the following comment about Salesforce, Inc. (NYSE:CRM) in its Q2 2023 investor letter:
“Salesforce, Inc. (NYSE:CRM), a company we’ve owned since 2019, recently added ChatGPT-like capabilities onto its existing Al module, Einstein, to support its internal sales efforts and customer-facing software. For example, Einstein GPT can help generate marketing emails tailored to specific clients by using Salesforce’s customer database and past email correspondence to learn the most effective approach for each client. Einstein GPT is also different from off-the-shelf LLMS in three important ways: It keeps personal identifiable information private and secure, compared with external tools that retain anything a user enters. It employs the latest data in Salesforce’s system, as opposed to the sometimes-stale public data that train generic models. And generative Al capabilities can be integrated with other Salesforce offerings; the company has already introduced Slack GPT and Tableau GPT, Al-equipped versions of its workplace collaboration and analytics tools.”
