NEW YORK (TheStreet) -- SaaS cloud computing leader Salesforce.com (CRM) saw shares tumble 4.27% to $43.73 in afterhours trading Thursday after reporting first-quarter results and outlook that either only matched or came in below estimates as its efforts to strengthen its presence in marketing software appears to be going more slowly than expected.
The company produced second-quarter guidance of 11 cents to 12 cents a share, in line with estimates, on revenue of $931 million. Analysts, on average, according to Thomson Reuters were forecasting second-quarter revenue of $934.55 million.
Salesforce.com predicted fiscal year 2014 earnings of 47 cents to 49 cents a share on revenue of $3.835 billion to $3.875 billion, vs. expectations of 49 cents a share on revenue of $3.87 billion.
First-quarter revenue tallied up to $893 million with earnings per share of 10 cents. Analysts were predicting earnings per share of 10 cents on revenue of $887.1 million.In other cloud developments, shares of cloud-based e-commerce software provider ChannelAdvisor (ECOM) stabilized in extended-hours trading after soaring during the regular trading hours to finish ahead by more than 31.5% to $18.44. The stock popped 25% at the open after its IPO of 5.8 million shares priced at $14 a share, the high end of the expected range, as investors continued to put faith in the growth potential of software as a service. Shares spiked to an intraday high of $19.46. Shares were up incrementally at $18.46 in afterhours trading. Follow @atwtse -- Written by Andrea Tse in New York >To contact the writer of this article, click here: Andrea Tse.
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