SAN MATEO, Calif. (AP) — SuccessFactors Inc., a cloud-based software company, reported Tuesday second-quarter results that beat expectations and its shares soared in after-hours trading.
The company, based in San Mateo, posted a loss of $7 million, or 9 cents per share, for the quarter versus a loss of $1.9 million, or 3 cents per share, in the prior year.
But it said that after adjusting for several special items, it earned 3 cents per share. On that basis, analysts were expecting the company to break even, according to FactSet.
Revenue rose 48 percent to $73.2 million, above the Wall Street’s revenue expectations of $69.6 million.
SuccessFactors, which makes human-resources software to measure performance, said demand is growing faster than it can hire sales people to meet it.
The company raised its revenue expectations for the year to a range of $310 to $315 million. Analysts had been expecting $283.4 million.
SuccessFactors said it expects its earnings per share for the year to be “above breakeven” on an adjusted basis. Analysts anticipate earnings 3 cents per share.
Shares of the company rose $3.12 — more than 12 percent — to $28.40 in after-hours trading on the news.