So revenue without earnings is good? That was a tough argument to try to make, especially when it's been a publicly traded company for so many years. CRM isn't a start-up and needs to perform or be sold off. The CSCO engendered tech rally today assumes earnings for a stock price to rise. CSCO has earnings and pays dividends (and buys stock back) to benefit all stock holders whether they are insiders or "mom and pop" stockholders. CRM dilutes the value of the public stock in order to give more than reasonable "equity awards" to the top insiders. It's okay to pay a CEO and other officers handsomely, but when companies without earnings borrow money and regularly increase (as opposed to decrease) the number of shares (dilution), the stock compares unfavorably with other stocks. CRM is at the breaking point while companies with real earnings are challenging CRM and working hard to attract likely CRM clients.
The positive outlook of CSCO partners is negative, not positive for CRM. CRM's slice of the "pie" could be reduced in future quarters regardless of what is reported for Jan.-March, 2013. Unlike DE leveling with the public regarding future challenges, CRM won't. The variable is the reaction of those who have a lot to lose if they don't face the reality of CRM losing first mover advantages.