Salesforce's 2Q results beat expectations
(Associated Press Via Acquire Media NewsEdge) SAN FRANCISCO (AP) — Shares of cloud computing company Salesforce.com Inc. jumped nearly 8 percent in after-hours trading Thursday after it reported fiscal second-quarter results that beat Wall Street expectations, thanks to increase in demand for its software.
The provider of customer-management software also posted a positive outlook for the current quarter and year that easily beat expectations.
Salesforce reported net income of $76.6 million, or 12 cents per share, in the three months ending July 31. That compares to a loss of $9.8 million, or 2 cents per share, in the same period a year ago.
Adjusted earnings were 9 cents per share. Analysts, on average, expected earnings of 7 cents per share, according to FactSet.
Total second-quarter revenue jumped 31 percent to $957.1 million from $731.6 million in the same quarter a year ago.
Analysts expected revenue of $937.8 million, according to FactSet.
For the fiscal third quarter, the company expects adjusted earnings between 8 cents per share to 9 cents per share and revenue between $1.050 billion to $1.055 billion. Analysts expect earnings of 7 cents per share and revenue of $1.043 billion for the fiscal third quarter.
For the fiscal year 2014, the company expects adjusted net income of 32 cents to 34 cents a share on revenue between $4 billion and $4.025 billion. Analysts are forecasting 33 cents a share on $4 billion in revenue, according to FactSet.
Shares of the San Francisco-based company rose $3.45, or 7.9 percent, to $47.10 in after-hours trading Thursday. They closed up 87 cents at $43.65 in regular-session trading.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
[ Back To Technology News's Homepage ]