May 22, 2009 4:05 PM EDT
Salesforce.com, Inc. (NYSE: CRM) reported Q1 EPS of $0.15, 4 cents better than the analyst estimate of $0.11. Revenue for the quarter was $304.9 million, versus the consensus of $304.73 million.
Salesforce.com reduces FY10 revenue guidance $1.25B to $1.27B versus consensus of $1.31 billion. Salesforce.com guided FY10 EPS 59c to 60c versus 55 cents consensus.
Below are highlights from Salesforce.com's Q1 conference call:
Revenue for Q1 was 23% higher than a year ago.
Salesforce.com believes no enterprise software company is growing faster than it.
Operating cash was a record $98 million, up 17% from a year ago.
Salesforce.com has more than $980 million in cash and marketable securities and no debt.
Added roughly 3,900 net new customers, up roughly 50% from the 2,600 net additions it achieved in Q1 a year ago.
Over past year, CRM added 16,000 net new customer bringing total customer base to 59,000.
IT spending environment continues to be challenging.
New business signings in Q1 were slightly below a year ago. New business is defined as incremental orders from new and existing customers excluding renewals.
Unclear when IT buying patterns will return to traditional levels, so it reduced revenue guidance by 4%.
Salesforce.com is implementing strong cost controls to deliver earnings growth.
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