Salesforce doubles its net income and raises its forecast

The “enterprise cloud computing” company reported that third quarter revenue grew by 20 percent, from last year and earnings doubled from $10 million to $20 million. Salesforce CEO Mark Benioff said it was a record for revenue, profit, and customer acquisition. He also implied that the best product news is still coming, with an announcement planned for the Dreamforce conference later this week.

Salesforce’s business model predates cloud computing. It was founded in 1999 to provide a web-based application for managing sales and customer relations (CRM). But it has offered extensions to its core product over the years and embraced the cloud computing architecture as a way of expanding its business into other applications.

In 2007, it introduced Salesforce SOA to allow third-party developers to build applications connecting to Salesforce via web services. And it introduced its App Exchange Virtual Network, to help independent developers find a market.

Last November, the company focused its development plans on cloud computing and began a partnership with Amazon for hosting Salesforce apps on EC2.

Even better news can be found in the company’s projections. It has raised financial guidance for the rest of the year and the following year.

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