Salesforce.com Inc raised its full-year forecast for revenue as well as profit and reported quarterly revenue that beat analysts’ estimates, following increased demand for its cloud-based software due to a pandemic-led shift to remote work. The company’s shares rose 5.4 percent to USD 238 on Thursday in extended trading.

Online software providers are reaping the benefits as many companies are continuing with the option of remote work even as vaccination rates rise in some countries like the United States.

Salesforce agreed to buy Slack Technologies Inc in December to provide a unified platform for businesses to connect their employees, customers and partners with each other and the apps they use, intensifying its competition against Microsoft Corp, whose Teams software is Slack’s biggest rival.

Salesforce raised its annual revenue forecast to between USD 25.90 billion and USD 26.00 billion, above estimates of USD 25.76 billion. The company expects full-year adjusted profit between USD 3.79 and USD 3.81 per share, beating Wall Street's expectations of USD 3.43.

Salesforce reported total revenue of USD 5.96 billion in the first quarter, compared with analysts’ estimates of USD 5.89 billion, according to IBES data from Refinitiv.

The company’s subscription and support revenue for the quarter rose 21 percent to USD 5.54 billion. On an adjusted basis, Salesforce earned USD 1.21 per share, beating estimates of 88 cents per share.