Salesforce.com has posted its financial results for Q3 of fiscal 2014, announcing an increase in revenue, which helped the company to offset its loss.
On Monday, November 18, the cloud computing company announced its results for the quarter ended October 31. The company reported that it made a loss of $124.4 million, or 21 cents per share, for the quarter when compared to a loss of $220.3 million, or 39 cents per share in the same period for fiscal 2013.
"Salesforce.com is the first enterprise cloud computing company to deliver a $1 billion quarter, with outstanding third quarter revenue growth at 36%," said Marc Benioff, Chairman and CEO, Salesforce.com. "Given the strong customer response to our next generation social and mobile cloud technologies, I'm delighted to announce that we expect to deliver our first $5 billion year during our fiscal year 2015."
Revenue for the company increased to $1.08 billion, which beat Wall Street expectation, as analysts estimated revenue of $1.06 billion.
The company also projected a net loss of 24 to 25 cents per share for Q4 of fiscal 2014. However, Salesforce.com estimates revenue of about $1.124 billion to $1.129 billion for the final quarter, which will be an increase by 35 percent when compared to the same quarter of fiscal 2013.
Salesforce.com also issued a full-year revenue forecast for fiscal 2015, which begins February 1, 2014, to fall between $5.15 billion and $5.20 billion.
The company, which is known for its customer relationship management products, is also planning to expand its cloud-software ecosystem beyond tablets and smartphones to other devices such as cars, jet engines and more.
Recently, the company also announced a partnership with Hewlett Packard (HP). Salesforce.com will develop and sell a new cloud-computing product for its business customers. The company plans to combine HP's technology and Salesforce's own data centers as part of the deal. However, the company did not reveal full financial details of the deal.
Saleforce.com shares closed down 3.1 percent, or $1.80, at $55.51 on Monday, November 18. The company's shares were trading 2.77 percent up at $54.20 on the NYSE on Wednesday morning.
