Salesforce.com (CRM) Higher After Strong Q1 Results

Shares of Salesforce.com, Inc. (NYSE: CRM) are 6% higher today after the company reported solid results and guidance after the close.

Salesforce.com reported Q1 EPS of $0.08, 1 cent better than the analyst estimate of $0.07. Revenues for the quarter were $247.6 million, versus the consensus of $235.84 million. Salesforce.com sees Q2 EPS of $0.07-$0.08, versus the consensus of $0.08, and sees Q2 revs of $258-$259 million, versus $250.8 million. For the year, the company sees EPS of $0.33-$0.34, versus the consensus of $0.34, and revs of $1.06-$1.065 billion, versus $1.05 billion.

A number of Wall Street analysts made positive comments following the results:

Piper Jaffray said, "increased revenue guidance reflects underlying strength in the bookings trend". They reiterated their Buy rating and $81 price target.

Deutsche Bank said, "While FY'08 was a breakout year for CRM and SaaS, we see adoption accelerating in 2009 and a building platform opportunity adding another leg (possible inflection) to growth." They reiterated their Buy rating and raised their price target from $80 to $85.