Cloud

Salesforce reports $584M revenue in Q3, gearing up for $3B next year

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Today, Salesforce announced its Q3 earnings, which included a record $584 in revenue — a 36 percent year-over-year increase.

The bulk of that money came from the company’s subscription and support services, which accounted for $549 million. The remainder of the company’s revenue came from its professional services and other sources, and totaled $35 million.

“Salesforce.com is the first enterprise cloud computing company to exceed a $2.3 billion annual revenue run rate,” said Salesforce chief executive Marc Benioff (pictured) in a statement.

Benioff also said the company expects to reach $3 billion in annual revenue run rate during its 2013 fiscal year.

For the quarter, Salesforce reported $129 million in cash generated from operations, representing 74 percent year-over-year growth. All told, the company ended the quarter with a stockpile of $1.3 billion in total cash, cash equivalents and marketable securities.

During the fourth quarter, the company expects to earn around $620 million to $624 million in revenue. It expects to end 2011 with $2.255 billion to $2.259 billion in revenue for the full year.

Earlier this month, the company promoted executive vice president George Hu to the role of chief operating officer. Hu is the company’s first COO and shares some responsibility for the results of today’s earnings report.

At the time of Hu’s promotion, Benioff said, “George’s leadership over the past nine years has been key to driving Salesforce.com’s growth to over a $2 billion run rate. I look forward to seeing his vision and leadership as COO scale our growth toward $10 billion and beyond.”

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