Salesforce.com Inc. (NYSE: CRM) reported third-quarter 2013 earnings after markets closed today. For the quarter, the cloud computing company posted adjusted diluted earnings per share (EPS) of $0.33 on revenues of $788 million. In the same period a year ago, the company reported EPS of $0.34 on revenues of $584 million.Third-quarter results compare to the Thomson Reuters consensus estimate for EPS of $0.32 on $776.5 million in revenues.

The company reported a GAAP EPS loss of $1.55, which includes a one-time $149 million non-cash charge to income tax expense, a stock-based compensation expense of $105 million, and other items.

The company’s CEO said:

Salesforce.com is the first enterprise cloud computing company to exceed a $3 billion annual revenue run rate, with outstanding third quarter revenue growth at 35% in dollars and 37% in constant currency. Given the strong customer response to our next generation social and mobile cloud technologies, I’m delighted to announce that we expect to surpass a $4 billion annual revenue run rate during our fiscal year 2014.

For the company’s fourth quarter, Salesforce.com projected revenues of $825 to $830 million and a GAAP EPS loss of $0.23 to $0.25. Adjusted EPS is forecast at $0.38 to $0.40. The consensus estimate calls for EPS of $0.40 on revenues of $829.9 million.

For the full fiscal year, the company expects revenues of $3.041 to $3.046 billion and a GAAP EPS loss of $2.00 to $2.02. Adjusted EPS is expected to total $1.50 to $1.52. The consensus estimate calls for EPS of $1.50 on revenues of $3.03 billion.

Operating expenses rose sharply, by a total of nearly $200 million, with marketing and sales expenses claiming more than half the increase. Gross profit fell from 78% in the same period a year ago to 76% this year.

To meet the consensus estimates, the company needs to hit the top of its forecast ranges. That’s never easy to do.

The company’s shares are down about 0.3% in after-hours trading today, at $145.54 in a 52-week range of $94.09 to $164.75. The consensus target price for the shares was around $177.10 before today’s report.

Paul Ausick

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