Salesforce.com Rises 8% On Upbeat Earnings

Salesforce.com CRM released its first quarter earnings results on Thursday after the closing bell. The company reported adjusted net income of $39.8 million or $0.28 per share, compared to $39.9 million or $0.30 per share in the year ago period. This compares to Wall Street analysts' consensus EPS estimates of $0.27. Total revenue for the quarter was $504 million versus $376.8 million in last year's corresponding quarter. This also beat analysts' consensus estimates of $482.45 million. The company also provided guidance for fiscal Q2 as well as for the fiscal year 2012. Salesforce.com sees non-GAAP EPS between $0.29 to $0.30 on revenues of $526-$528 million. This compares to current estimates of $0.26 per share on revenues of $504.99 million. For fiscal 2012, Salesforce.com now sees EPS between $1.30 and $1.32 on revenue of $2.15-$2.17 billion. This compares to the company's previous guidance of $1.24 to $1.27 on revenues of $2.07-$2.1 billion. Wall Street analysts currently have consensus full-year EPS estimates of $1.27 per share on revenues of $2.11 billion for Salesforce.com. In the after hours trading session, CRM shares have gained nearly 8% to $146.50.