Salesforce (NYSE:CRM) stock is on the rise Tuesday after the cloud services company announced it will be increasing product prices.
This will result in the company increasing the prices of its products by 9%. That includes its Sales Cloud, Service Cloud, Marketing Cloud, Industries and Tableau products. Here’s a breakdown of some of those increases, per MarketWatch:
- Professional Edition: The price will increase from $75 to $80.
- Enterprise Edition: The price will increase from $150 to $165.
- Unlimited Edition: The price will increase from $300 to $330.
Salesforce intends to implement these price changes in August. The company says it understands that some customers will be unhappy about the increases. However, CRM points out that this is the first time it has increased prices in seven years.
Here’s what the company said about the price increases in a statement:
“Salesforce’s last list price increase was seven years ago, and since then the company has delivered 22 new releases, thousands of new features—including recent generative AI innovations—and invested more than $20 billion in research and development.”
CRM Stock Movement Today
Shares of CRM stock are seeing a decent amount of trading today alongside the price increase news. As of this writing, more than 5.7 million shares have changed hands. That’s closing in on the stock’s daily average trading volume of about 6.4 million shares.
CRM stock is up 3.1% as of Tuesday morning and up 62.9% since the start of the year.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
