Shares of Salesforce.com Inc. (NYSE: CRM) surged more than 6% in today�s trading. The stock reached a high of $84.07 and closed 5.38% higher at $83.28 on above average volume of 10.90 million. The stock was up 0.79% in after-hours trading. San Francisco-based Salesforce.com provides enterprise cloud computing applications.
On Thursday, Salesforce.com announced its first-quarter results. The company reported revenue of $376.8 million, up 24% from the first quarter of 2009. Subscription and support revenue stood at $351 million in the quarter, while Professional services and other revenue came in at $26 million. The company reported GAAP diluted EPS of $0.13, down 13% compared with last year. Non-GAAP diluted EPS increased 7% to $0.30. The company�s net paying customers increased by 4,800 in the quarter. Marc Benioff, chairman and CEO of Salesforce.com, said that the 24% increase in revenue propelled the company past the $1.5 billion run rate. Benioff said that the quarter was an outstanding one for the company.
For the second quarter, the company forecasts revenue of $381 million-$383 million, GAAP EPS of $0.07-$0.08 and non GAAP EPS of $0.26-$0.27. For fiscal 2011, the company raised its revenue guidance to $1.545-$1.555 billion.
The stock is currently trading above its 50-day and 200-day moving averages. It has a 52-week range of $35.10-$89.94. The stock has a beta of $1.97, which implies that it has been volatile. At the moment, it has 12 Buy and 8 Outperform ratings against 11 Hold ratings. On Thursday, the ratio of Put/Call options on the stock stood at 0.98. The stock has seen support at around $76 and resistance at around $86.
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