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November 19, 2015

Salesforce on track to hit $8bn by 2017, revenue up 24%

News: Revenue increased to $1.71bn in Q3.

By CBR Staff Writer

Salesforce expects its revenue to top $8bn during fiscal year 2017, in line with its plans to reach $10bn faster than any other enterprise software company.

The company said its revenue increased 24% to $1.71bn in its fiscal third quarter ended 31 October 31, 2015.

Net loss narrowed to $25.2m, or $0.04 per share, from $38.9m, or $0.06 per share, a year earlier.

Subscription revenue increased 24% to $1.6bn and deferred revenue rose by 28% to $2.85bn.

For the fourth quarter, Salesforce projects a revenue range of $1.782bn to $1.792bn with earnings between $0.18 to $0.19 per share.

The company expects its revenue to be in the range of $6.64bn to $6.65bn for the full year of 2016.

Salesforce CFO Mark Hawkins said: "In Q3, we delivered strong top and bottom line growth, expanding non-GAAP operating margin by 221 basis points, which is our sixth consecutive quarter of year-over-year improvement."

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