Today: Salesforce and Intuit announce earnings, Microsoft shows off its refreshed Surface tablet, and Apple doesn't look close to finding a deal with Samsung.

The Lead: Salesforce continues to grow, Intuit's cloud efforts pay off

Two of Silicon Valley's largest software companies showed off their financial performances Tuesday, but only one parlayed the opportunity into after-hours gains after Wall Street got a peek at their forecasts for future earnings.

Cloud software pioneer Salesforce continued its trend of boosting revenues while reporting losses, announcing a net loss of $96.9 million, or 16 cents a share, on sales of $1.23 billion. Intuit posted big profits and earnings in the quarter that included tax season -- the biggest time of the year for the maker of TurboTax and other accounting software -- announcing profits of $984 million, or $3.39 a share, on sales of $2.39 billion.

Both companies barely beat expectations for their results, but their forecasts for the current quarter and rest of the year differed, with Salesforce's projections beating analyst expectations and Intuit's coming up short as the Mountain View company transitions to the software-as-a-service model Salesforce helped popularize.


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Salesforce sales grew 37.4 percent from the same quarter a year ago, even while losses ballooned by 43 percent; after adjusting for one-time costs and other factors, Salesforce said it recorded profits of 11 cents a share. After closing Tuesday with a decline of 0.6 percent at $52.89, shares easily topped $53 in after-hours trading.

"The core (customer relations management) business still continues to grow" for Salesforce, Pacific Crest Securities analyst Brendan Barnicle told Bloomberg News. "Every time people think they've penetrated every opportunity, you look at the Gartner numbers, which show there's a lot of room to grow."

Intuit showed strong growth as well, boosting revenues 20 percent year-over-year for the recent three-month period, but most of that growth was due to a late start to tax season this year that hurt the company's earnings in the previous quarter. Shares declined more than 4 percent in late trading after falling 0.4 percent to $76.84 in the regular session.

SV150 market report: Wall Street falls, Microsoft debuts new Surface

Wall Street had a rough day all around as earnings from other sectors weighed on large indexes, but tech stocks were affected as well while gadget fans broke down Microsoft's newest tablet offering.

Microsoft showed off the third iteration of its Surface tablet in a New York event, branding the device as a laptop replacement that also functions as a tablet, while reportedly shelving the debut of a smaller version. The company worked closely with Santa Clara chipmaker Intel on the device, which it said would be the thinnest Intel Core device ever produced when its hits shelves this summer. Another Silicon Valley company had a high profile at the event, as Microsoft showed off a touch-enabled version of Adobe's Photoshop software that appeared to be optimized for high-definition screens. The device, which was announced less than a year after the previous iteration of the Surface tablet, will be available for order Wednesday. Microsoft declined 0.2 percent to $39.68, Intel stayed at $26.04 and Adobe fell 0.8 percent to $61.71.

Apple held steady, adding 12 cents to $604.71 after a Monday night court filing suggested that no settlement with Samsung is near after the Cupertino tech giant nailed down a truce with Google late last week. Google gained 0.3 percent to $530.49 while offering new photo and video capabilities in Google+ and discussing possible eye strain from overuse of Google Glass. Tesla Motors declined 0.4 percent to $195.30 after California shot down the idea of excluding the Palo Alto company's Model S from its electric-vehicle rebate program, and Netflix gained 2 percent to $371.67 while reporting only a "small reaction" to its increased subscription rates for streaming video.

Twitter dropped 0.9 percent to $31.77 as negotiations for music-sharing service SoundCloud reportedly fell apart just one day after they were originally reported, and Facebook fell 1.1 percent to $58.56 while plotting international expansion for its video advertisements. Pandora Media moved 1.5 percent higher after its chief financial officer said the Oakland company's lead in streaming music will live on, and FireEye led the SV150 with a 4.8 percent gain to $30.32 a day ahead of its lockup expiration. Yahoo fell 0.1 percent to $33.87 while reportedly continuing its chase for a streaming-video acquisition, and Cisco declined 0.9 percent to $24.12 after CEO John Chambers outlined his dreary vision of the future for technology companies.

Up: FireEye, Netflix, Pandora, Workday, Palo Alto Networks, Splunk, Google, Yelp, Apple

Down: Zynga, SunPower, SolarCity, VMware, Oracle, Symantec, Juniper, Nvidia, Gilead, Facebook, LinkedIn, NetApp, AMD, Cisco, HP, NetApp, Twitter

The SV150 index of Silicon Valley's largest tech companies: Down 7.67, or 0.54 percent, to 1,404.77

The tech-heavy Nasdaq composite index: Down 28.92, or 0.7 percent, to 4,096.89

The blue chip Dow Jones industrial average: Down 137.55, or 0.83 percent, to 16,374.31

And the widely watched Standard & Poor's 500 index: Down 12.25, or 0.65 percent, to 1,872.83

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