Salesforce Beats the Street With Boffo Earnings Report
Salesforce turned in an impressive earnings report to the Securities and Exchange Commision on Aug. 29, revealing strong Q2 2013 results and full-year estimates that are flush with Wall Street projections.
The cloud-based services provider reported revenue at $957 million, compared to $938.81 million from the same quarter a year ago. Sales were up a hefty 31 percent year-over-year.
The San Francisco-based company reported net income of $76.6 million, or 12 cents per share. Analysts were expecting Salesforce to report second-quarter earnings of seven cents a share on revenue of $939.2 million.
"Salesforce.com continues to be the fastest growing software company of its size with year-over-year growth of more than 30 percent in revenue, deferred revenue and operating cash flow," CEO and Chairman Marc Benioff said in a statement.
"I'm delighted to announce that just four years after delivering our first $1 billion revenue year, we are now poised to deliver our first $1 billion revenue quarter in the third quarter of fiscal 2014."
Salesforce's stock price shot up about 7 percent in after-hours trading following news of the report.
Benioff acknowledged that Salesforce received a big revenue boost this quarter due to its $2.5 billion acquisition of ExactTarget, a deal that closed last month.