Salesforce is now officially the first enterprise cloud computing company to hit $1 billion in annual revenues. The company announced its fourth quarter and year-end earnings. It’s quarterly revenues were up 34 percent to $290 million, bringing the total for the year to $1. 077 billion. Net income for the quarter was $13.7 million ($0.11 a share), and $43.4 million ($0.36 a share) for the year (which doesn’t sound like a lot compared to $1 billion in revenues, but it was more than double last year’s earnings). Its operating cash flow for the year was a quite healthy $230 million.
Salesforce ended the year with 55,400 corporate customers, and 1.5 million individual subscribers. And it has $883 million in the bank. Salesforce expects revenues to increase by about 30 percent this fiscal year to $1.3 billion.
Passing the $1 billion mark is a major milestone for both Salesforce and cloud computing in general. Salesforce is the first enterprise computing company to get to that size based solely on selling Web apps.
(Earnings release after the jump)