Salesforce.com Tops Estimates; Shares Plunge

Enterprise software maker Salesforce.com CRM reported a third-quarter loss of $3.76 million, or 3 cents a share, compared with a year-earlier profit of $21 million, or 15 cents a share, after the bell today. On an adjusted basis, Salesforce.com earned 34 cents topping the 31 cents Wall Street expected. Revenue climbed to $584 million from $429 million, beating the $572 million analysts expected. All that wasn't enough to keep shares of Salesforce.com from plunging 10% in the after-hours session. That comes on top of a heavy volume 4.3% drop in regular trading. For its fiscal fourth quarter, Salesforce estimates it will lose between 5 cents and 6 cents a share, but earn between 39 cents and 40 cents a share excluding certain items, according to MarketWatch. As Barron's reported today, Salesforce relies on Europe for 20% of its revenue and the woes of the continent's sovereign debt crisis could be be crimping the company's results.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidanceShort IdeasBarron'sHotAfter-Hours CenterMoversTechTrading Ideas
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!