Salesforce Shares Hit Record High After Earnings Beat
Shares of Salesforce.com Inc. rose nearly 4% late Wednesday as the company reported better-than-expected adjusted earnings and raised its revenue guidance for 2016. Salesforce said it lost $25 million, or 4 cents a share, in the third quarter, compared with a loss of $39 million, or 6 cents a share, in the year-ago period. Adjusted for one-time items, the company earned 21 cents a share. Sales reached $1.7 billion in the quarter, an increase of 24% year over year, the company said. Analysts polled by FactSet had expected the company to earn an adjusted 19 cents a share, excluding stock-option expenses as well, on sales of $1.7 billion in the quarter. Salesforce also raised its fiscal 2016 revenue guidance to $6.64 billion to $6.65 billion. Salesforce shares ended Wednesday up 0.1%, then topped $80 in late trading; Salesforce's record high intraday share price is $79.82.
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