Citigroup (NYSE: C) may be ailing – but it's still a mega powerhouse. And, the company recently purchased on-demand customer relationship management (CRM) software from Salesforce.com (NYSE: CRM). The initial deal calls for 30,000 seats for Citi's financial advisors across the globe.
In fact, Salesforce.com has been on a roll – beating competitors like Microsoft (NASDAQ: MSFT), Oracle (NASDAQ: ORCL) and SAP (NYSE: SAP) for biggie customers. That is, the company's web-based approach is becoming a "must have" for corporate America.
And it means that Salesforce.com's business continues to grow at a hefty clip. In Q3, revenues spiked 48% to $192.8 million and net income came to $6.5 million, or $0.6 per share. Cash flows were up a sizzling 70% to $52 million.
Going forward, the company expects to generate $1 billion in revenues over the next year. Basically, the company sees large opportunities in global markets, such as Europe and Asia.
Investors certainly like things. In today's trading, the stock is up 7.9% to $54.80.
Tom Taulli is the author of various books, including The Complete M&A Handbook
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Reader Comments (Page 1 of 1)
11-19-2007 @ 7:43AM
Michael said...
Salesforce is better with Google...
check this,
www.modazzle.com?channel=bloggingstocks