profit falls in second quarter

News profit falls in second quarter

Jenny Williams

Cloud computing provider has announced a drop in profit while sales rose in its fiscal second quarter.

Compared to last year's figures for the period ending July 31, boosted sales by 20% from $316m to $394m while profit fell 30% from $21.2m to $14.7m.

Despite a decline in profit in the latest report, raised its targets for the third and fourth quarters.

"We're delighted today to raise our full fiscal year 2011 revenue guidance to a range of $1.595bn to $1.6bn," said CEO Marc Benioff. "Our accelerating revenue growth in the second quarter, combined with an excellent quarter of new business worldwide, gives us confidence to raise our guidance to this exciting new milestone."

Social network site Facebook recently chose to manage its growing sales team in a bid to improve its efficiency.

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