Salesforce Rises on 4:1 Stock Split
NEW YORK (TheStreet) -- Salesforce.com
The stock was up 0.62% to $173.80, according to Nasdaq.com after gaining 0.13% during regular trading.
By executing the split, Salesforce is increasing the number of its shares outstanding, bulking-up to 1.6 billion from 400 million. Shareholders of record at the close on April 3, 2013 will be eligible for the split, and will receive an additional three shares for every outstanding share held at that time.
The company said in the press release that it expects the additional shares to be distributed by the transfer agent on April 17, and will begin trading split-adjusted on the next day, April 18, 2013.
Salesforce.com recently reported earnings that were better than what Wall Street was expecting. The San Francisco-based software provider reported non-GAAP earnings of 51 cents a share on $835 million in revenue, as its software and services continue to show strength. Subscription and support revenue rose 32% year over year to $785 million, while professional services and other revenue grew 31% to $49 million. Wall Street analysts were expecting profit of 40 cents a share.
--Written by Chris Ciaccia in New York
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