Customer relationship management firm Salesforce.com, Inc. (NYSE: CRM) reported an increase in third-quarter adjusted earnings, which also exceeded Wall Street’s projection. Driving the profit growth, revenues moved up 33% and topped expectations. The company also provided guidance for the fourth quarter and fiscal 2020.

Salesforce (CRM) reports 33% growth in Q3 revenue; earnings beat

Revenues of the San Francisco-based tech firm were $4.5 billion, up 33% from last year and slightly above analysts’ consensus estimate. Subscription and support revenues rose 34% year-over-year, while professional services and other revenues advanced 22%. At $12.8 billion, Current Remaining Performance Obligation was up 28% year-over-year.

Earnings Up

Adjusted earnings rose to $0.75 per share from $0.61 per share in the third quarter of 2019 and came in above the market’s prediction. On an unadjusted basis, the company reported a net loss of $109 million or $0.12 per share, compared to profit of $105 million or $0.13 per share last year.

“We’re now on track to double our revenue in five years. With Customer 360, only Salesforce is providing companies with a single source of truth, bringing them even closer to their customers across every touchpoint,” said CEO Marc Benioff.

Guidance

For the whole of 2020, the management expects revenues to be in the range of $16.99 billion to $17 billion, which is broadly in line with analysts’ estimates. Earlier, the company had revealed its goal of doubling in size by 2024, generating revenues of $34-$35 billion. It is looking for full-year adjusted earnings of $2.89-$2.90 per share.

The revenue estimate for the fourth quarter is $4.743-$4.753 billion. Adjusted profit is expected to be between $0.54 per share and $0.55 per share in the fourth quarter.

Related: Salesforce Q2 2020 Earnings Conference Call Transcript

In the first quarter of 2021, revenues are seen growing by a third to the range of $4.800 billion to $4.835 billion. The company forecasts full-year 2021 revenues to be between $20.80 billion and $20.90 billion.

Salesforce shares hit new highs consistently in recent months. The stock, which gained 14% since the beginning of the year, closed Tuesday’s regular session higher.

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