Saudi Communications, Space, and Technology Commission Joins Digital Sustainability Alliance with ITU

The Communications, Space and Technology Commission (CST) logo
The Communications, Space and Technology Commission (CST) logo
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Saudi Communications, Space, and Technology Commission Joins Digital Sustainability Alliance with ITU

The Communications, Space and Technology Commission (CST) logo
The Communications, Space and Technology Commission (CST) logo

The Saudi Communications, Space, and Technology Commission (CST) has joined the Digital Sustainability Alliance (DSA) with the International Telecommunication Union (ITU).

The announcement was made in the presence of ITU Secretary-General Doreen Bogdan-Martin on the sidelines of the 28th Conference of the Parties (COP28) held in Dubai.

The alliance of DSA and ITU aims to stimulate opportunities for partnerships and expand the scope of coordination with the communications and technology community to participate in finding and developing digital solutions to address climate challenges, through the transition to digital infrastructure that enables sustainable environmental solutions.

CST said in a statement that by joining the alliance, it seeks to come up with sustainable digital solutions to address climate challenges, develop and implement regulations that enable the circular economy to contribute to reducing carbon emissions and the effects of climate change, and move to an environment-friendly digital infrastructure through cooperation with partners in the government and private sectors and UN organizations.



Salesforce Gains as Software Firm Bets on AI Tools to Power Growth

The Salesforce logo is pictured on a building in San Francisco, California, US October 12, 2016. REUTERS/Lily Jamali/File Photo Purchase Licensing Rights
The Salesforce logo is pictured on a building in San Francisco, California, US October 12, 2016. REUTERS/Lily Jamali/File Photo Purchase Licensing Rights
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Salesforce Gains as Software Firm Bets on AI Tools to Power Growth

The Salesforce logo is pictured on a building in San Francisco, California, US October 12, 2016. REUTERS/Lily Jamali/File Photo Purchase Licensing Rights
The Salesforce logo is pictured on a building in San Francisco, California, US October 12, 2016. REUTERS/Lily Jamali/File Photo Purchase Licensing Rights

Shares of Salesforce gained more than 5% on Thursday as investors cheered the customer relationship management software maker's upbeat quarterly results and its artificial intelligence push to drive growth.

The company has been heavily investing to integrate its AI technologies into existing products, such as its messaging platform Slack, to enhance their capabilities and attract more customers.

"We continue to see Salesforce as an under-appreciated AI winner as its differentiated data and early success in creating/deploying GenAI agents," Reuters quoted Goldman Sachs analyst Kash Rangan as saying.

Wall Street was concerned that tempered cloud spending would affect Salesforce in a tough economy, but the software-as-a-service (SaaS) firm reported better-than-expected revenue, profit and margins in the second quarter.

Salesforce also raised its profit forecast for the year ending January 2025, as margins continue to expand, thanks to its restructuring efforts last year.

The stock is trading at 24.49 times that of Wall Street's profit expectations, compared with 52.11 for SaaS peer ServiceNow and cloud contact center firm Five9's 13.30.

Salesforce is set to add $14 billion to its market capitalization if premarket gains hold. The company's valuation stood at $248 billion as of Wednesday's close.

"We think these results alone are not good enough to drive a sustainable rally from here. For that, we need more catalysts, which could come with the new AI solutions," which are set to be showcased at its event Dreamforce and launched in October, Barclays analyst Raimo Lenschow said.

Some analysts believe that sustained growth in the coming quarters can come through customer support platform Agentforce, which is not yet commercially available.