Salesforce.com Shares Buoyed by 35% Jump in Revenue
NEW YORK (TheStreet) -- Salesforce.com's (CRM) third-quarter earnings beat Wall Street analysts' expectations, pushing up the shares in after-hours trading.
The San Francisco-based cloud-computing company earned 33 cents per share on a non-GAAP basis, generating $788 million in revenue. That's a 35% boost in revenue from a year earlier, with both subscription/support revenue and professional services posting exceptional growth.
Analysts polled by Thomson Reuters were expecting Salesforce.com to earn 32 cents per share on $776.12 million in revenue.
"Salesforce.com is the first enterprise cloud computing company to exceed a $3 billion annual revenue run rate," CEO Marc Benioff said.
Salesforce ended the quarter with $1.4 billion in cash and cash-equivalents. For the fourth quarter, Salesforce expects earnings per share of 38 cents to 40 cents on a non-GAAP basis, and revenue of $825 million to $830 million. Analysts polled by Thomson Reuters expect 40 cents per share on $829.88 million in revenue. For fiscal 2014, Salesforce expects revenue of $3.8 billion to $3.85 billion. Shares of Salesforce.com ended the session lower, off 1% to $145.90. The stock is moving higher in after-hours, gaining 0.8% to $147.03, according to Nasdaq.com. Interested in more on Salesforce? See TheStreet Ratings' report card for this stock. -- Written by Chris Ciaccia in New York >Contact by Email. Follow @Commodity_BullSelect the service that is right for you!
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