Beverly Hills 11/19/2009 1:10:50 AM
News / Business

Salesforce.com Shares Sink, Despite 3Q Profit, as Company Ramps Hiring

Finance World News Update by EQUITIES Magazine

Shares of Salesforce.com Inc fell today after the software provider’s announcement yesterday, which made clear its intentions to keep hiring, a move that will probably raise costs.

The company, which provides software for companies’ customer relations management, signed up 4,700 new customers during the quarter, bringing its total to 67,900.

Although Salesforce.com also announced that its third-quarter profit more than doubled from the year before, matching Wall Street forecasts, shares of the company fell $2.67, or 4.1 percent, to $62.94 in morning trading. Over the past year, the stock has ranged from $20.82 to $67.72.

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