Salesforce Beats the Street With Boffo Earnings Report

 
 
By Chris Preimesberger  |  Posted 2013-08-29
 
 
 

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.

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