Salesforce.com profits up, but analysts disappointed
Salesforce.com saw its revenues and profits rise substantially in the third quarter of this year, but that reportedly wasn’t enough for some analysts, or for Wall Street.
The company, which delivers sales and business applications via online subscription, brought in $330.5 million in revenue in the quarter ending Oct. 31, up 20 percent from the same period last year. Its made $20.7 million in profit, or 16 cents per share, double its profits from last year.
Those results would seem hard to complain about, given the broader economic climate. But analysts were hoping for even more impressive results, especially given the buzz around on-demand software (the business model that Salesforce helped pioneer), according to Dow Jones Newswires. As of 5:15 Pacific, Salesforce stock was down 4 percent in afterhours trading.
The company says it will be making some big announcements tomorrow at its Dreamforce conference in San Francisco. I’ll be reporting from the conference.
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About the Author, Anthony Ha
Anthony is VentureBeat's assistant editor, as well as its reporter on enterprise technology, cloud computing, and tech policy. Before joining VentureBeat in 2008, Anthony worked at the Hollister Free Lance, where he won awards from the California Newspaper Publishers Association for breaking news coverage and writing. He attended Stanford University and now lives in San Francisco. Reach him at anthony@venturebeat.com. You can also follow Anthony on Twitter.
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