CRM: Saleforce.com Beats Estimates, Announces CFO Exit

by Christopher Freeburn | February 28, 2014 10:17 am

CRM: Saleforce.com Beats Estimates, Announces CFO Exit

crm CRM: Saleforce.com Beats Estimates, Announces CFO Exit[1]On Thursday, Salesforce.com (CRM[2]) posted a wider fourth-quarter loss, but still topped Wall Street earnings expectations[3]. However, CRM stock slipped almost 2% in Friday morning trading on a less-than stellar earnings outlook for the year.

CRM stock declined as Salesforce.com projected adjusted annual EPS of between 48 cents and 50 cents. Wall Street had forecast annual earnings of about 50 cents per share. The sales software developer also announced that CFO Graham Smith would retire in 2015 after six years on the job, Reuters notes.

During the fourth quarter, CRM reported a net loss of $116.6 million, compared to a loss of $20.8 million in the year-ago quarter. Adjusted EPS for the quarter came in at 7 cents. That beat analysts, who were expecting earnings of 6 cents for the quarter.

Quarterly revenue hit $1.15 billion, up 37% year-over-year, and topping analysts’ forecasts of $1.13 billion.

For the current year, CRM increased its annual revenue outlook from earlier estimates of between $5.15 billon and $5.2 billion, to between $5.25 billion and $5.3 billion.

CRM stock closed at $66.22 a share on Thursday. CRM stock has climbed more than 50% over the past year.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2010/10/crm.jpg
  2. CRM: http://studio-5.financialcontent.com/investplace/quote?Symbol=CRM
  3. but still topped Wall Street earnings expectations: http://in.reuters.com/article/2014/02/28/salesforce-results-idINL3N0LW5EC20140228

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