Salesforce.com’s stock jumps on upbeat outlook
SAN FRANCISCO (AP) — Salesforce.com Inc. shares jumped in extended trading Wednesday after it issued an upbeat outlook for the year.
The customer-management software developer reported a loss of $25.5 million, or 4 cents per share, in its fiscal fourth quarter. Earnings, adjusted for stock option expense and amortization costs, came to 19 cents per share, matching market forecasts. Its revenue of $1.81 billion topped analyst expectations of $1.79 billion, according to Zacks Investment Research.
For the year, the company reported that its loss narrowed to $47.4 million, or 7 cents per share, on revenue of $6.67 billion.
Salesforce.com said it expects to earn between 23 cents to 24 cents on an adjusted basis for the current quarter on revenue between $1.89 billion to $1.9 billion. Analysts surveyed by FactSet had expected earnings of 21 cents a share on revenue of $1.86 billion.
It forecast full-year adjusted earnings in the range of 99 cents to $1.01 per share, with revenue expectations between $8.08 billion to $8.12 billion. Analysts polled by Factset were anticipating earnings of 99 cents for the year on revenue of $8.08 billion.
The forecast helped send its shares up more than 9 percent in after-hours trading.
Salesforce.com shares have decreased 20 percent since the beginning of the year, while the Standard & Poor’s 500 index has declined nearly 6 percent. They closed Wednesday’s regular trading session at $62.52, an increase of 1 percent in the last 12 months.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CRM at http://www.zacks.com/ap/CRM
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