Salesforce.com (CRM) topped off its stronger-than-expected results for the 2017 third quarter with a positive 2018 forecast.
After Thursday's closing bell, the cloud computing company posted adjusted earnings of 24 cents per share on revenue of $2.14 billion. Wall Street was looking for adjusted earnings of 21 cents per share and $25.2 billion in revenue.
Salesforce has had a long-standing goal of reaching $10 billion in revenue. In its latest earnings, the company set forth a timeline for that goal, saying it expects revenues in 2018 to increase 21% year-over-year to between $10.1 billion and $10.15 billion.
The company also issued upbeat guidance for the 2017 fourth quarter and full year.
Shares of Salesforce were gaining 3.4% Friday morning to $77.77 following the results.
Here's a look at what some Wall Street analysts had to say about the quarter:
Karl Keirstead, Deutsche Bank (Buy, $90 PT)
"Coming after a negative 2QF17 print and Twitter-related anxiety, merely posting a clean quarter with an in-line or better guide is enough to restore confidence. The 4QF17 deferred revenues and revenues guide implies 25% billings growth, an acceleration from the prior two quarters of 15%-20% growth. The 2QF17 print is now indeed looking more like a bump in the road. The unbilled backlog growth was consistent with prior quarters, indicating no unusual change in bookings momentum."