Salesforce.com Slips as CFO Decides to Retire

NEW YORK (TheStreet) -- Salesforce.com (CRM) was slipping 2.54% to $64.54 in after-hours trading as the cloud computing giant posted its fourth-quarter earnings results, updated its full-year projections, and announced that CFO Graham Smith is retiring.

"My more than six years at salesforce.com have been a fantastic experience -- working with so many talented people to transform the enterprise software industry," Smith noted in the earnings release. "Heading into fiscal 2015, salesforce.com has never been better positioned, and I look forward to ensuring a smooth transition over the next thirteen months."

The company said Smith will retire in March 2015 after being CFO since March 2008. Salesforce says it will initiate a search for a new CFO and Smith will help to ensure a smooth transition of his duties after a new CFO is appointed.

"Graham has made an enormous contribution to the success of salesforce.com and he has been instrumental in helping to scale our business from $750 million annual revenue when he joined the company in 2007 to over $5 billion annual revenue which we are projecting for fiscal year 2015," chairman and CEO Marc Benioff commented in the earnings statement. "We will miss him following his retirement in 2015 and wish him the best."

For the fourth-quarter, Salesforce earned an adjusted earnings of 7 cents a share on a 37% increase in revenue to $1.15 billion, which beat the average analyst estimate of 6 cents in EPS on revenue of about $1.13 billion, according to Thomson Reuters. Salesforce said that the revenues partly benefited from the acquisition of ExactTarget which closed in July 2013.

If you liked this article you might like

7 Essential Rules for Investing in Tech Stocks

Adobe Is a Horse -- Jim Cramer Explains Why

Microsoft Has Been Reborn Under CEO Satya Nadella

How to Make Money on Booming Cloud Services Demand

Jim Cramer Reveals One Stock to Play the Cloud Space