Salesforce.com Posts Strong Quarterly Financials

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Salesforce.com has posted its quarterly earnings, which slightly beat analyst expectations. The company remains optimistic about its prospects in coming quarters.

Robert Mullins from eWeek reported, “The company, which delivers software-as-a-service (SaaS) to business and enterprise customers, reported a net loss of $220.3 million, or $1.55 a share based on generally accepting accounting principles (GAAP). However, it earned 33 cents a share on a non-GAAP basis in which certain exceptions are factored in, such as $149 million for a tax valuation allowance and $105 million in stock options expense. Salesforce exceeded Wall Street analyst estimates of $777 million in revenue and 32 cents in non-GAAP earnings per share (EPS).”

According to Reuters, “Business software provider Salesforce.com Inc (CRM.N) beat Wall Street expectations for the third quarter and maintained its earnings outlook for the rest of its fiscal year despite the uncertain economic outlook. The company said it seemed to have weathered the effects of Superstorm Sandy and fears among its clients surrounding the ‘fiscal cliff’ as it projected sales for the current quarter, ending January 31, of between $825 million and $830 million, roughly in line with analysts’ average forecast of $829.9 million.”

CNET quoted Salesforce.com CEO Marc Benioff, who said, “Salesforce.com is the first enterprise cloud computing company to exceed a $3 billion annual revenue run rate, with outstanding third quarter revenue growth at 35% in dollars and 37 percent in constant currency. Given the strong customer response to our next generation social and mobile cloud technologies, I’m delighted to announce that we expect to surpass a $4 billion annual revenue run rate during our fiscal year 2014.”

Pete Barlas from Investor’s Business Daily noted, “Shares of Salesforce.com (CRM) jumped nearly 8% in early trading Wednesday, after the enterprise software company late Tuesday reported fiscal Q3 results that beat analyst estimates.”