Salesforce reports 27 percent rise in quarterly revenue

(Reuters) – Inc reported a 27 percent jump in quarterly revenue on Wednesday, as customers looking to rein in costs boosted demand for its flagship Sales Cloud business.

FILE PHOTO: The Salesforce logo is pictured on a building in San Francisco, California, U.S. October 12, 2016. REUTERS/Lily Jamali/File Photo

Net income rose to $299 million, or 39 cents per share, in the second quarter ended July 31, versus $46 million, or 6 cents per share, a year earlier.

GAAP diluted earnings per share also benefited by 18 cents related to the partial release of tax valuation allowance as a result of the MuleSoft acquisition, the company said.

Total revenue rose to $3.28 billion from $2.58 billion.

(The story corrects to add dropped word “to” in paragraph two.)

Reporting by Arjun Panchadar in Bengaluru; Editing by Sriraj Kalluvila