Salesforce reported Q3 revenue of $788 million, up 35 percent year-over year and up 7.6 percent from the second quarter of 2012. On a non-GAAP basis, which is where Wall Street analysts typically evaluate the company’s earnings, Salesforce’s earnings per share (EPS) was 33 cents, a one cent decline from its EPS in Q3 2011 and nine cents down from its Q2 2012 EPS.
Wall Street analysts had expected the company to post revenues of $776.6 million and non-GAAP EPS of 32 cents, according to FactSet, so today’s results surpassed both of those estimates.
According to Salesforce’s CEO Marc Benioff, the company’s recent performance has been strong — compared both with its own history and the sales numbers of its peers. The executive said in a press release accompanying the earnings statement:
“Salesforce.com is the first enterprise cloud computing company to exceed a $3 billion annual revenue run rate, with outstanding third quarter revenue growth at 35% in dollars and 37% in constant currency.”On a GAAP basis, however, Salesforce’s operations were in the red during the third quarter — GAAP net loss per share was -$1.55. This was due in large part to a $149 million one-time, non-cash income tax related charge incurred during the quarter, the company said. Salesforce’s non-GAAP results exclude that charge as well as certain interest and stock-based compensation expenses.
In all, Salesforce expects to finish the year on a strong note. The company today raised its guidance for revenue and non-GAAP EPS: Salesforce now says its full-year revenue should be between $3.041 billion to $3.046 billion, and its full-year non-GAAP EPS should be between $1.50 and $1.52.
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