Updated from 4:49 p.m. ET to include latest share prices, additional information on AIG and OmniVision Technologies. NEW YORK ( TheStreet) -- Shares of Salesforce.com ( CRM) rose in late trades on Thursday after the cloud computing company cruised past Wall Street expectations for its fiscal fourth-quarter results. San Francisco-based Salesforce.com also gave its guidance for the current fiscal year, forecasting non-GAAP earnings of $1.58 to $1.62 a share on revenue ranging from $2.92 billion to $2.95 billion. The current average estimate of analysts polled by Thomson Reuters is for a profit of $1.62 a share on revenue of $2.91 billion. For the three months ended Jan. 31, the company reported non-GAAP earnings of $61.6 million, or 43 cents a share, on revenue of $632 million, easily besting the consensus view for a profit of 40 cents a share on revenue of $624 million.
The stock was last quoted at $144.55, up 9.7%, on volume of more than 1.6 million, according to Nasdaq.com. Based on Thursday's regular-session close at $131.77, the shares are up more than 25% so far in 2012 but still down 4.7% in the past year, peaking at $160.12 on July 19. "Salesforce.com's 38% revenue growth in the fourth quarter was a spectacular finish to our fiscal year, a year in which we delivered 37% revenue growth and added nearly 2,500 employees, including nearly 2,000 in the U.S.," said Marc Benioff, the company's chairman and CEO, in a statement. "Given the strong customer response to the social enterprise, we're excited to raise our guidance today, which puts us on pace to exceed the $3 billion revenue run rate during FY13." For the first quarter ending in April, the company expects non-GAAP earnings of 33 to 34 cents a share, which is slightly below the average analysts' estimate of 36 cents a share. The sell side was extremely bullish about Salesforce.com ahead of the report with 31 of the 41 analysts covering the stock at strong buy (11) or buy (20), and the median 12-month price target at $150. Bears will point to a lofty valuation thought with the stock trading at a forward price-to-earnings multiple of 81.3X vs. around 13X for the S&P 500, and 46X for Rackspace Hosting ( RAX), another cloud computing name. The company still sees strong topline growth for the current fiscal year with the high end of its guidance implying a 30% jump, but that would be down from the 37% increase it just delivered in the past year. Check out TheStreet's quote page for Salesforce.com for year-to-date share performance, analyst ratings, earnings estimates and much more.