Microsoft (MSFT) rises Thursday evening on Q4 earnings beat >>> READ MORE Loss Widens, Q3 Forecast Falls Short

But the company topped second-quarter revenue forecasts (NYSE:CRM) announced on Thursday a second-quarter loss of $9.9 million, twice the size of the $4.3 million loss it reported in the same period last year. Revenue increased to $731.6 million, up 34% from last year, and topping analysts who expected $728 million, Reuters noted.

Adjusted EPS, which excluded executive compensation charges of $85 million, was 42 cents for the quarter. That beat Wall Street’s estimate of 39 cents a share.

Linkedin Shares Surge on Estimate-Topping Sales
Linkedin Shares Surge on Estimate-Topping Sales

Salesforce said it anticipates earnings for the third quarter of between 31 cents and 32 cents a share. Analysts were expecting earnings of 34 cents a share in the current quarter.

CRM shares rose about 1% in Friday morning trading.

Company officials boosted their outlook for the year, projecting earnings for fiscal 2013 of between $1.48 and $1.51 a share.

Salesforce is facing a price war with SAP (NYSE:SAP) and Oracle (NASDAQ:ORCL), which may reduce profits. Earlier this year, it agreed to purchase social advertising company Buddy Media for $689 million. Company officials have brushed off criticism over the purchase, saying the acquisition of social media assets is necessary in the current highly competitive environment.

Article printed from InvestorPlace Media,

©2017 InvestorPlace Media, LLC