Salesforce beats Q3 expectations
Salesforce reported its third quarter earnings on Thursday, slightly beating market expectations.
The CRM giant posted earnings per share of 24 cents on revenue of $2.14 billion.
Wall Street was looking for 21 cents a share on $2.12 billion in revenue. A year earlier, Salesforce had an EPS of 21 cents a share on $1.71 billion in revenue.
"Salesforce delivered an exceptional quarter with year-over-year revenue growth of 25 percent in dollars and 27 percent in constant currency," said CEO Marc Benioff in a statement. "I'm delighted to announce that we expect to deliver our first $10 billion year during our fiscal year 2018, which puts us well on the path to reach $20 billion faster than any other enterprise software company."
Subscription and support revenues came to $1.98 billion, an increase of 24 percent year over year. Professional services and other revenues hit $161 million, an increase of 39 percent year over year.
The company is raising its fiscal full-year 2017 revenue guidance to between $8.365 billion and $8.375 billion.
For the fourth quarter, the company expects revenue between $2.267 billion and $2.277 billion with non-GAAP earnings per share projected to fall between 24 cents and 25 cents.
Saleforce's full fiscal year 2018 revenues are projected to fall somewhere between $10.1 billion and $10.15 billion.