Salesforce.com CEO a Bit Smugger Than Usual Today
by John Paczkowski
Posted on February 25, 2009 at 3:34 PM PT
Software is dead.”
Salesforce.com has seen a fair bit of its value evaporate amid the economy’s downward spiral. But the same cannot be said of its business, which is apparently doing quite well. Posting fourth-quarter earnings today, Salesforce.com (CRM) reported record revenue of nearly $290 million with annual sales exceeding $1 billion. Pretty damn good for a cloud computing company weathering a recession. Far better than the Street had expected. Consensus estimates had Salesforce.com earning seven cents a share. Instead, it earned 11 cents a share. “Salesforce.com is proud to be the first billion dollar cloud computing company,” said salesforce.com CEO Marc Benioff. “At a time when capital is precious, big-ticket software purchases just don’t make sense.”
Seems Benioff’s infamous “software is dead” pronouncement is slowly coming to pass.
