Salesforce Earnings Pave the Way For a Stellar Year (NYSE:CRM) reported better-than-expected earnings after the bell on Thursday for its fiscal first quarter ended April 30.

Investing Insights: Walmart Makes More Money on Lower Prices.

The cloud-based software provided reported revenue of $695 million, up 38 percent from the year-earlier period and beating Wall Street’s consensus of $678 million, according to Bloomberg. Adjusted earnings per share of 37 cents topped expectations of 34 cents.

Salesforce predicted revenue of $725 million to $728 million for the second quarter, and adjusted profits of 38 to 39 cents a share. The Street consensus was $712.9 million, according to analyst estimates compiled by Bloomberg. Analysts projected profits of 38 cents per share.

The company raised its full-year revenue forecast to a range of $2.97 billion to $3 billion, with adjusted profits of $1.60 to $1.63 per share, up from an earlier projection of $2.92 billion to $2.95 billion.

“ continues to be the fastest growing software company of its size,” CEO Marc Benioff said in a statement. “Last year we became the first enterprise cloud computing company to achieve $2 billion in revenue, and we’re now poised to deliver the first ever $3 billion year in fiscal 2013.”

Salesforce shares were trading up 6.88 percent as of 5:14 p.m. EDT this afternoon in after-hours trading.

Don’t Miss: Here’s Best Buy’s Big iPhone Price Cut.