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Salesforce.com’s (NYSE:CRM) first quarter earnings were in line with Wall Street expectations, but the earnings outlook for the current quarter looked light.

Salesforce.com on Thursday reported net income of 13 cents a share on revenue of $376.8 million, up 24 percent from a year ago. The company said non-GAAP earnings were 30 cents a share (statement). Wall Street was expecting earnings of 30 cents a share on revenue of $368 million.

As for the outlook, Salesforce.com projected second quarter revenue between $381 million and $383 million. Earnings will be 7 cents a share to 8 cents a share. Non-GAAP earnings will be between 26 cents a share and 27 cents a share and that includes a 3 cents a share hit for the just-closed Jigsaw acquisition. In any case, the guidance range appears to be a bit light. Wall Street was expecting earnings of 31 cents a share on revenue of $375.4 million.

The company also said that it “anticipates closing two small technology-related asset acquisitions in the second quarter.” Those purchases will lower fiscal 2011 GAAP earnings by 3 cents an non-GAAP earnings by 2 cents a share. For 2011, Salesforce is projecting revenue between $1.54 billion and $1.55 billion. GAAP earnings will be between 38 cents a share and 40 cents a share. Non-GAAP earnings will be $1.13 a share to $1.15 a share. Wall Street was expecting annual earnings of $1.28 a share on revenue of $1.53 billion.

By the numbers:

  • Salesforce added 4,800 net new customers and ended the first quarter with 77,300 customers.
  • The company ended the quarter with $1.9 billion in cash and equivalents.
  • Deferred revenue as of April 30 was $665 million, up 21 percent from a year ago.

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Source: Salesforce Meets Expectations but Offers Pale Outlook