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Salesforce satisfies Q3 targets, boosts revenue outlook

CEO Marc Benioff said Salesforce is on track to deliver $8 billion in revenue for the next fiscal year. The company's stock jumped more than 3 percent on the report.

Salesforce.com published better-than-expected third quarter financial results Wednesday after the bell.

The CRM giant reported non-GAAP earnings of 21 cents per share on a revenue of $1.71 billion, up 24 percent year-over-year (statement).

Wall Street was looking for earnings of 19 cents per share with revenue of $1.7 billion.

Subscription and support revenues increased 24 percent annually to $1.6 billion. Professional services and other revenues totaled $116 million, up 22 percent year-over-year.

For the current quarter, Salesforce projects a revenue range of $1.8 billion to $1.9 billion with earnings between 18 and 19 cents per share.

Salesforce upped the current fiscal year. The company now expects earnings in the range of 74 cents to 75 cents with revenue between $6.64 billion and $6.65 billion. The previous consensus was $6.62 billion.

Marc Benioff, Salesforce's co-founder and CEO, also raised the revenue bar for the company's next fiscal year.

"I'm delighted to announce that we expect to deliver our first $8 billion year during our fiscal year 2017, which puts us well on the path to reach $10 billion faster than any other enterprise software company," Benioff said in prepared remarks.

The company's stock jumped more than 3 percent in after market trading following the report.

Earlier on Wednesday Salesforce rolled out a set of data-driven tools for Marketing Cloud, one of the cornerstones of its cloud empire.

Last week, the CRM giant announced a back-end integration between its customer service and ticketing software app Desk.com with SalesforceIQ, an intelligent relationship management service intended for SMBs.

In the past quarter, Salesforce held its annual Dreamforce conference in its hometown of San Francisco. The CRM giant rolled out a bevy of product announcements in the weeks leading up to the event, including the addition of 20 connected apps for the Apple Watch built by industry partners on the Salesforce1 Platform with the Salesforce Wear developer pack.