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In tech circles, you will hear lots about "cloud computing." Essentially, this means that software applications are operated through Internet connections -- and processed in huge data centers. Often, the results include lower costs and easier maintenance.
Of course, the dominant player in cloud computing is Salesforce.com (CRM). And based on its latest quarterly report, the company continues to grow and innovate.
Third-quarter revenues increased by 30% to $330.5 million. Net income doubled to $0.16 per share, with $36 million in cash flows from operations. In all, there is about $1.07 billion in the bank (up by $265 million from a year ago).
In fact, Salesforce.com plans to ramp up its hiring, expecting the long-term growth trends to continue. Keep in mind that the company added 160 employees in the prior quarter. The total headcount now stands at about 3,800.
What's more, Salesforce.com added roughly 4,700 net new customers, which is a record (the total is 68,000). In light of the continued challenges in the economy, this is certainly an impressive metric.
Then again, Salesforce.com continues to add to its product line. For example, the company has launched modules for knowledge management, self-service portals, call center support and even Twitter monitoring. So, it should be no surprise that Salesforce.com continues to win customers against rivals like Oracle (ORCL) and Microsoft (MSFT).
For 2009, Salesforce.com expects revenues of $1.29 billion and earnings of $0.62 to $0.63 per share.
Tom Taulli is the author of various books, including The Complete M&A Handbook
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