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Last Update: 24-Aug-12 09:25 ET
Salesforece shares fall following disappointing billings data
Salesforce (CRM $141.70 -5.07) reported second quarter earnings of $0.42 per share, $0.03 better than the Capital IQ consensus of $0.39, while revenues rose 34.1% year/year to $732 million versus the $728.14 million consensus. Geographic Breakdown- Americas $507 mln compared to $367 million in prior year up 38%; Europe revenues were $124 mln comapred to $102 mln in prior, up 22%, and Asia Pacific revenues were $99 million compared to $77 million in prior year, up 22%. Deferred revenue- On the balance sheet as of July 31, 2012 was $1.34 billion, an increase of 43% on a year-over-year basis. Current deferred revenue increased by 38% year-over-year to $1.27 billion, benefited in part by longer invoice durations. Non-current deferred revenue increased by 293% year-over-year to $69 million. Unbilled deferred revenue, representing business that is contracted but unbilled and off balance sheet, ended the second quarter at approximately $2.8 billion, up from approximately $2.7 billion at the end of the fiscal first quarter. The company issued mixed guidance for the third quarter with EPS of $0.31-0.32, excluding non-recurring items, versus the $0.34 consensus and revenues of $773-777 million versus the $769.40 million consensus. The company issued mixed guidance for fiscal year 2013 with EPS of $1.48-1.51, excluding non-recurring items, versus the $1.50 consensus and revenues of $3.025-3.035 versus the $3.02 billion consensus.
