Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Salesforce.com soars 17% to an all-time high

chart_ws_stock_salesforcecominc.top.png By David Goldman, staff writer


NEW YORK (CNNMoney.com) -- Shares of Salesforce.com soared to a record high Friday morning after the company delivered sales that far exceeded analysts' expectations and a bullish forecast for the current quarter.

Salesforce (CRM) rose 17% to an all-time high of $134.90 a share in morning trading.

Salesforce said late Thursday that its customer base grew by 28% compared last year in the quarter ended Oct. 31, and sales rose 30%. The San Francisco company provides hosted, "cloud" software for corporations, with a focus on customer relationship management (CRM).

The company expects the good news to keep on coming. Salesforce forecast that its revenue in the current quarter would be in the range of $447 million to $449 million. That's 5% above analysts' median estimate of $428 million, according to a survey conducted by Thomson Reuters.

Sales will come close to $2 billion in 2012, CEO Marc Benioff said in a prepared statement.

Salesforce continues to grow strongly abroad, even as other tech companies have reported weakness in foreign countries.

"The company is simply executing flawlessly into a huge market opportunity," Patrick Walravens of JMP Securities said in an analyst note. "The adoption of computing as a service is accelerating in other countries and Salesforce.com, as the largest computing as a service company, stands to benefit from this trend." To top of page

Index Last Change % Change
Dow 17,828.67 -22.84 -0.13%
Nasdaq 4,903.42 8.53 0.17%
S&P 500 2,091.13 0.59 0.03%
Treasuries 1.82 -0.04 -2.41%
Data as of 2:46pm ET
Company Price Change % Change
Bank of America Corp... 14.75 -0.17 -1.12%
Apple Inc 100.37 0.75 0.75%
Chesapeake Energy Co... 4.18 -0.17 -3.91%
Freeport-McMoRan Inc... 11.36 -0.29 -2.49%
HP Inc 12.99 0.79 6.48%
Data as of 2:32pm ET

Sections

Gawker conceded Thursday that it has hired bankers to advise them on a possible sale as a "contingency" against multi-million dollars lawsuits filed against it. More

The overwhelming majority of young, wealthy millennials believe that impact investing is important to their decisions, according to a new survey. More

A jury is currently deliberating a landmark court case between Google and Oracle that has broad implications for the software industry -- and could force Google to pay Oracle billions of dollars. More

When so many families are stuck having to borrow money to send their kids to college, these middle class students were able to graduate debt-free. More