announced last night that it fiscal third-quarter earnings climbed to $6.5 million, or 5 cents per share, compared to $339,000 or breakeven, for the same period a year ago. The company's earnings were boosted by strong sales of its software subscriptions. Sales during the quarter soared 48% to $192.8 million. Analysts had predicted a profit of 3 cents per share, on revenue of $191 million.

However, it appears that investors aren't particularly impressed with the company's results, as the stock is down nearly 3% in electronic trading this morning following yesterday's loss of 2.3%. A drop today would put the shares below key support at the 50 level.

Options players have grown relatively skeptical of the shares. Schaeffer's put/call open interest ratio for CRM rests at 1.32, which is lower than 74% of all those taken during the past 52 weeks. Furthermore, roughly 7.2 million CRM shares have been sold short, resulting in a short-interest ratio of 5.0.