Salesforce.com Expects $3 Billion Run Rate Next Year
Salesforce.com‘s stock is slipping a bit because investors aren’t impressed with the SaaS giant’s growth forecast. However, Salesforce.com announced record revenue of $584 million in its third quarter of 2012. But what’s really interesting is that Salesforce CEO Marc Benioff is aiming for $3 billion in revenue next year.
As always, TalkinCloud isn’t a financial blog. For a full breakdown of financial stats, take a look at Salesforce’s earnings statement. But here are the key points:
- Salesforce posted a loss of about three cents a share, or $3.76 million.
- Earnings beat Wall Street’s expectations but the company’s longer-term growth forecast apparently didn’t impress investors; shares fell 6 percent after the earnings announcement, Reuters reported.
- Salesforce is expecting $620 million to $624 million in revenue for the fourth quarter.
Still, Salesforce is taking a longer-term view. When George Hu was promoted to chief operating officer, Benioff made the bold claim that Salesforce.com’s ultimate goal was to hit a $10 billion run rate.
It’s no surprise that this quarterly announcement is relatively low key. With Dreamforce ’11 over and done with, Salesforce stayed fairly quiet for the quarter that ended on October 31st, 2011. Just like in the second quarter, Salesforce is really just highlighting that what it’s doing is working and working well – and that really says it all.
For more insight into how these earnings affect Salesforce’s standing on Wall Street, check back on Monday for our weekly Talkin’ Cloud Stocks Index update.