Salesforce Billings Miss Analysts' Estimates

Friday Nov 18th 2011 by Datamation.com Staff
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The company's stock fell on concerns that revenue growth may be slowing.

Bloomberg Businessweek: Salesforce.com's billings rose 29 percent in the third quarter, but that fell short of analysts' expectations of 33 percent growth. Worries that revenue growth for the CRM leader may be slowing sent the stock price tumbling. “For a stock that’s priced to perfection, priced at 30 times cash flow, this is a disappointment,” said analyst Brad Zelnick with Macquarie Capital USA. “Billings is the leading metric.”

Salesforce.com's profit for the third quarter will be between 39 and 40 cents per share on revenues between $620 million and $624 million.

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