Salesforce posts larger 3Q loss but revenue grows
Cloud computing company Salesforce.com Inc. said Tuesday that its third-quarter loss widened due largely to a hefty income-tax charge, but its revenue grew 35 percent and adjusted earnings topped Wall Street's expectations.
The company posted a net loss of $220.3 million, or $1.55 per share, in the three months that ended on Oct. 31. That compares with a loss of $3.8 million, or 3 cents per share, in the same period a year earlier.
Adjusted earnings were 33 cents per share in the latest quarter.
Revenue rose to $788.4 million from $584.3 million.
Analysts, on average, were expecting adjusted earnings of 32 cents per share on revenue of $776.6 million, according to a poll by FactSet.
For the current quarter, Salesforce is forecasting a loss of 25 cents to 23 cents per share and adjusted earnings of 38 cents to 40 cents per share. Analysts are expecting adjusted earnings of 40 cents per share.
The company said it expects fiscal fourth-quarter revenue in the range of about $825 million to $830 million. Analysts expect $829.9 million.
Shares climbed $2.40, or 1.6 percent, to $148.30 in after-hours trading following the release of the earnings report. The stock had closed the regular trading session down $1.42 at $145.90.