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What: Shares of salesforce.com (NYSE:CRM) set a new all-time high after rising more than 14% during Friday's trading following the cloud-based CRM solution specialist's release of better-than-expected fiscal 2014 second-quarter results.
So what: Quarterly revenue rose 31% year over year to $957 million, while GAAP earnings came in at $0.12 per share, benefiting from a $129 million partial release of the company's tax valuation allowance. Meanwhile, non-GAAP earnings came in at $0.09 per share. For reference, analysts were only expecting earnings of $0.07 per share on sales of $939 million.
Now what: Salesforce also initiated third-quarter revenue guidance of between $1.050 billion and $1.055 billion, and raised its full-year fiscal 2014 revenue guidance to a range from $4 billion to $4.025 billion. Analysts, by contrast, were looking for average third-quarter revenue of $1.04 billion and full-year sales of $3.99 billion.
Chairman and CEO Marc Benioff chimed in to say, "Salesforce.com continues to be the fastest growing software company of its size with year-over-year growth of more than 30% in revenue, deferred revenue, and operating cash flow. I'm delighted to announce that just four years after delivering our first $1 billion revenue year, we are now poised to deliver our first $1 billion revenue quarter in the third quarter of fiscal 2014."
To be sure, investors can't help but be pleased with this continued strong growth. As long as the cloud-based company's momentum holds, even near all-time highs there doesn't seem to be much to slow its rise going forward.
Fool contributor Steve Symington has no position in any stocks mentioned. The Motley Fool recommends Salesforce.com. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.