Sees Record Revenues reaches record quarterly revenues of $290 million despite the recession, and marks more than $1 billion in revenue for the entire year, according to financial results for its fiscal fourth quarter ended Jan. 31. The cloud computing CRM specialist posted net profits of $13.75 million for its fourth quarter and revenues of $1.077 billion for the full fiscal year.

Bucking the trend of falling revenues from many in the technology sector, cloud computing powerhouse saw a 34 percent jump in revenue to $290 million for its fiscal fourth quarter, which ended Jan. 31.

The cloud-based CRM specialist announced results for its fiscal fourth quarter and full fiscal year on Feb. 25, noting the $290 million represented record quarterly revenues for the company. Subscription and support revenues were $266 million, an increase of 35 percent over the same period last year. And professional services and other revenues were $23.5 million, an increase of 15 percent over the same period a year ago.

Meanwhile, the company posted net profits of $13.75 million for its fourth quarter and revenues of $1.077 billion for the full fiscal year.

" is proud to be the first billion dollar cloud computing company," said Marc Benioff, chairman and CEO,, in a statement. "At a time when capital is precious, big-ticket software purchases just don't make sense." officials also said the amount of net paying customers the company has rose approximately 3,600 during the fourth quarter and approximately 14,400 during the year to finish at approximately 55,400. Net paying subscribers rose to greater than 1.5 million, an increase of approximately 400,000 from the prior fiscal year end.

The positive quarterly results help bear out's contention that the departure of former president and chief strategy officer, Steve Cakebread, and others would have no impact on the company. Indeed, officials say with the recession, companies that deliver SAAS (software as a service) will tend to do better than pure software companies because SAAS providers eliminate hefty infrastructure and maintenance costs.

In addition, officials said revenue for the company's first fiscal quarter is projected to be in the range of approximately $304 million to approximately $305 million. also updated the full year revenue guidance it provided on Nov. 20, 2008, with revenue now expected to be approximately $1.3 billion to approximately $1.33 billion.

Moreover, officials said the company handled more than 12 billion transactions in the fourth quarter alone. There were 100,000 custom applications built on, there are 166 native applications available via the AppExchange, and there are 124,000 developers.

In addition, launched Sites, which led to the launch of 1,500 sites, 130 million hits and 15 million total page views. The company also launched the Service Cloud, enabling customer service organizations to join and manage customer service conversations in the cloud.