Emailsalesforce.com (CRM $147.22 +13.42) reported first quarter earnings of $0.37 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.34. Revenues rose 37.8% year over year to $695 million versus the $678.17 million consensus. Deferred revenue on the balance sheet as of April 30, 2012 was $1.33 billion, an increase of 46% on a year over year basis. Current deferred revenue increased by 41% year over year to $1.26 billion, benefited in part by longer invoice durations. Long term deferred revenue increased by 264% year over year to $77 million. Unbilled deferred revenue, representing business that is contracted but unbilled and off balance sheet, ended the first quarter at approximately $2.7 billion, up from approximately $2.2 billion at the end of fiscal 2012.
The company initiated second quarter EPS and revenue guidance, seeing EPS of $0.38-0.39 (versus the $0.38 Capital IQ Consensus Estimate) and revenues of $724-728 million (versus the $713.05 million Capital IQ Consensus Estimate). For fiscal year 2013 the company sees EPS of $1.60-1.63 (previously $1.58-1.62), excluding non-recurring items, versus the $1.61 Capital IQ Consensus Estimate, and revenues of $2.97-3.00 billion (previously $2.92-2.95 billion) versus the $2.97 billion Capital IQ Consensus Estimate.
