Market Overview - Major indexes experienced mixed results, with the Dow closing down -24 points (-0.05%) after a drop of -250 points intra-day, while the S&P 500 rose +32 points (+0.51%) and the Nasdaq gained +218 points (+1.02%) [1] - The Russell 2000 index slipped -2 points (-0.095%) [1] Alphabet and Big Tech - A recent court ruling favored Alphabet, allowing its relationship with Apple to continue, which may have prevented a potential breakup of its conglomerate and provided relief to the broader Big Tech sector [2] Salesforce Performance - Salesforce.com reported Q2 earnings of $2.91 per share, exceeding the Zacks consensus of $2.77 and the previous year's $2.56, with revenues of $10.24 billion surpassing expectations of $10.13 billion [3] - However, guidance for Q3 earnings and full fiscal year was considered lackluster, leading to a -4% decline in after-market trading, compounding a -23.6% loss year-to-date [4] American Eagle Performance - American Eagle posted earnings of 45 cents per share, significantly above the Zacks consensus of 20 cents, with revenues of $1.28 billion exceeding the anticipated $1.23 billion, driven by a successful advertising campaign [5] - The company's shares increased by +23% in late trading, marking a positive year-to-date performance [5] Labor Market and Economic Indicators - The Job Openings and Labor Turnover Survey (JOLTS) for July reported 7.2 million job openings, below the expected 7.4 million, indicating a tightening labor market [6] - Factory Orders for July were reported at -1.3%, an improvement from the previous month's -4.8% [7] - The Beige Book indicated rising costs due to tariffs and utilities, reflecting modest growth across regions [7] Upcoming Economic Reports - Anticipation for tomorrow's market includes the ADP report on private-sector payrolls for August, expected to decrease to 75K from 104K in July, along with other economic indicators [8] - Earnings reports from Broadcom, lululemon, and Docusign are expected, with Broadcom anticipated to report strong profits from AI-related sales, while lululemon and Docusign expect negative year-over-year earnings growth [9]

Core Insights - Salesforce reported Q2 revenue of $10.24 billion, marking a nearly 10% year-over-year growth, the closest to double-digit growth in six quarters, and exceeding analyst expectations [1] - Non-GAAP EPS was $2.91, reflecting a nearly 14% year-over-year increase, significantly surpassing company guidance and analyst forecasts [1] - Subscription and support revenue grew approximately 10.6% year-over-year, while current remaining performance obligations (CRPO) increased by 11%, slightly above analyst expectations [1] Future Guidance - The company anticipates a slowdown in Q3 revenue growth to 8%-9%, with the midpoint of revenue guidance falling below analyst expectations [1] - For the full fiscal year, the maximum revenue growth guidance is set at 9% [1]

Core Viewpoint - Salesforce's (CRM.US) latest quarterly revenue outlook falls short of market expectations, indicating that its AI products have not yet achieved the anticipated market returns amid fierce competition from emerging AI companies [1] Revenue Outlook - For the fiscal quarter ending in October, Salesforce expects revenue to reach between $10.2 billion and $10.3 billion, slightly below Wall Street's average expectation of $10.3 billion [1] - Remaining performance obligations, a key indicator of order volume, are expected to grow "slightly above" 10%, in line with analyst predictions [1] AI Competition Concerns - Investors are increasingly worried that traditional software companies like Salesforce may be replaced by new AI entrants, as AI technology is perceived to take over existing product functionalities, leading to reduced human resource investments by client companies [1] - Barclays analyst Raimo Lenso emphasized the need for investors to monitor the operational data of Agentforce and look forward to potential positive developments from the upcoming Dreamforce conference [1] Agentforce Product Insights - Salesforce's AI tool, Agentforce, launched last year, has signed over 6,000 paying customers and reported an annual recurring revenue of $100 million as of May, although this figure was not updated in the latest earnings report [1][3] - CFO Robin Washington noted that large enterprises and regulated industries are cautious about deploying AI tools, requiring time to adopt them confidently [3] Stock Performance - Following the earnings announcement, Salesforce's stock price plummeted by 5.5% in after-hours trading, marking a cumulative decline of 23% for the year [3] CEO's Confidence - CEO Marc Benioff expressed strong confidence in the future of Agentforce, highlighting a 60% increase in the number of customers transitioning from trial to full deployment, indicating a significant expansion in application scenarios and usage scale [3] - Benioff dismissed concerns about the potential obsolescence of enterprise SaaS applications, asserting that he sees no viable alternatives to their current business operations [4] Financial Performance - For the second quarter of fiscal year 2025, Salesforce reported a year-over-year revenue growth of 9.8%, reaching $10.2 billion, surpassing analyst expectations of $10.1 billion [6] - Remaining performance obligations increased by 11% to $29.4 billion, and adjusted earnings per share were $2.91, exceeding the expected $2.78 [6] Strategic Developments - Salesforce announced an expansion of its stock buyback program by $20 billion, bringing the total to $50 billion [6] - The company plans to focus more on developing IT service management products, potentially positioning itself in direct competition with industry leader ServiceNow (NOW.US) [6] - The acquisition of data software company Informatica (INFA.US) is expected to close in the first quarter of 2026 or later [6]

Core Viewpoint - Salesforce's CEO Marc Benioff defended the company's conservative guidance despite disappointing figures, emphasizing the strength of their results [1] Financial Performance - Salesforce reported quarterly results that beat earnings and revenue estimates, but provided disappointing guidance, leading to a stock dip of over 5% in extended trading [2] - The company's revenue growth has stalled in the single digits since mid-last year, contributing to a year-to-date stock decline of over 23% [2] Product and Technology - Benioff highlighted customer satisfaction with Salesforce's artificial intelligence agent product, which he claims is not merely a rebranded version of ChatGPT but a transformative technology for businesses [3] - The company has integrated AI agents into its operations, resulting in a reduction of service and support staff [3] Competitive Positioning - Salesforce achieved success against competitor Palantir, particularly in securing contracts with the U.S. government, including the Department of Defense [3] - Benioff noted that Salesforce offers a competitive product at significantly lower prices compared to Palantir [4]

Core Insights - Salesforce.com reported $10.24 billion in revenue for the quarter ended July 2025, marking a year-over-year increase of 9.8% and an EPS of $2.91 compared to $2.56 a year ago, exceeding Zacks Consensus Estimates [1] - The revenue surprise was +1.02% over the estimated $10.13 billion, while the EPS surprise was +5.05% over the consensus estimate of $2.77 [1] Financial Performance Metrics - Remaining performance obligation (RPO) - Current: $29.40 billion, exceeding the average estimate of $29.10 billion [4] - Remaining performance obligation (RPO) - Total: $59.90 billion, slightly above the average estimate of $59.85 billion [4] - Remaining performance obligation (RPO) - Noncurrent: $30.50 billion, below the average estimate of $30.74 billion [4] Geographic Revenue Breakdown - Revenue from the Americas: $6.74 billion, below the average estimate of $6.97 billion, with a year-over-year change of +8.6% [4] - Revenue from Asia Pacific: $1.07 billion, above the average estimate of $1.02 billion, with a year-over-year change of +13.9% [4] - Revenue from Europe: $2.43 billion, exceeding the average estimate of $2.15 billion, with a year-over-year change of +11.2% [4] Revenue Segmentation - Revenue from Professional services and other: $546 million, above the estimated $535.15 million, representing a year-over-year decrease of -2.7% [4] - Revenue from Subscription and support: $9.69 billion, slightly above the average estimate of $9.6 billion, with a year-over-year change of +10.6% [4] - Revenue from Subscription and support - Service: $2.46 billion, slightly below the average estimate of $2.47 billion, with a year-over-year change of +8.9% [4] - Revenue from Subscription and support - Marketing and Commerce: $1.37 billion, matching the average estimate, with a year-over-year change of +4.4% [4] - Revenue from Subscription and support - Platform and Other: $2.08 billion, exceeding the average estimate of $2.01 billion, with a year-over-year change of +16.7% [4] - Revenue from Subscription and support - Integration and Analytics: $1.52 billion, above the average estimate of $1.49 billion [4]

Group 1: Earnings Performance - Salesforce.com reported quarterly earnings of $2.91 per share, exceeding the Zacks Consensus Estimate of $2.77 per share, and up from $2.56 per share a year ago, representing an earnings surprise of +5.05% [1] - The company posted revenues of $10.24 billion for the quarter ended July 2025, surpassing the Zacks Consensus Estimate by 1.02%, compared to $9.33 billion in the same quarter last year [2] - Over the last four quarters, Salesforce.com has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times [2] Group 2: Stock Performance and Outlook - Salesforce.com shares have declined approximately 24.4% since the beginning of the year, while the S&P 500 has gained 9.1% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the upcoming quarter is $2.85 on revenues of $10.29 billion, and for the current fiscal year, it is $11.30 on revenues of $41.17 billion [7] Group 3: Industry Context - The Computer - Software industry, to which Salesforce.com belongs, is currently ranked in the top 37% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5] - The Zacks Rank for Salesforce.com is currently 3 (Hold), suggesting that the shares are expected to perform in line with the market in the near future [6]

Financial Data and Key Metrics Changes - The company reported Q2 revenue of $10,250,000,000, representing a 10% year-over-year increase and a 9% increase in constant currency [8][46] - Non-GAAP operating margin was strong at 34.3%, with an increase of 60 basis points year-over-year [9][47] - Current Remaining Performance Obligation (CRPO) ended at $29,400,000,000, up 11% year-over-year [9][47] - Operating cash flow is expected to reach nearly $15,000,000,000, marking a significant increase from the previous quarter [9] Business Line Data and Key Metrics Changes - The AI and data product line saw a remarkable growth of 120% year-over-year [9] - Net new bookings from deals over $1,000,000 grew by 26% year-over-year, indicating strong sales momentum [8] - Subscription and support revenue grew slightly above 9% in constant currency, driven by strong execution [46] Market Data and Key Metrics Changes - Strong new business growth was observed in the U.S. and certain areas of EMEA, particularly the Netherlands and Switzerland, while the UK and Japan faced constraints [48] - Technology and communications sectors performed well, while retail, consumer goods, and public sector showed measured performance [48] Company Strategy and Development Direction - The company is focusing on the concept of the "agentic enterprise," which emphasizes the integration of AI and data capabilities into all products [10][12] - There is a strategic emphasis on expanding the Data Cloud, which is seen as critical for the success of AI agents [26][27] - The company is also expanding its presence in the public sector and launching new products like the AgenTic IT service platform [30][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a record year, with strong momentum and disciplined execution [45] - The company is optimistic about the future of AI and its integration into enterprise software, viewing it as a transformative opportunity [71][92] - Management highlighted the importance of customer success and operational excellence as key drivers for future growth [45][52] Other Important Information - The company has returned $2,600,000,000 to shareholders through buybacks and dividends in Q2, with a total of nearly $27,000,000,000 returned since the program began [54] - The company raised its fiscal year '26 revenue guidance to a range of $41,100,000,000 to $41,300,000, reflecting an expected growth of approximately 8.5% to 9% year-over-year [55][56] Q&A Session Summary Question: How defensible is SaaS against disruption from AI-native apps? - Management acknowledged the transformation in the software industry driven by AI, emphasizing that Salesforce has been integrating AI for over a decade and is well-positioned to extend its SaaS capabilities [63][70] Question: When will Data Cloud and Agent Force inflect the top line? - Management indicated that they are starting to harvest the benefits of investments in products and are confident in their strategy to monetize AI [72] Question: What caused the 60% increase in pilot to production conversions? - Management explained that close collaboration with customers and enhancements in product features have facilitated faster transitions from pilot to production [78][81]

Financial Data and Key Metrics Changes - Revenue for Q2 2026 was $10,250,000,000, representing a 10% increase year over year and a 9% increase in constant currency [7][44] - Non-GAAP operating margin was strong at 34.3%, with CRPO at $29,400,000,000, up 11% year over year [7][45] - Operating cash flow is expected to reach nearly $15,000,000,000, with a guidance increase for fiscal year 2026 revenue to $41,100,000,000 to $41,300,000, reflecting growth of approximately 8.5% to 9% year over year [7][53] Business Line Data and Key Metrics Changes - AI and data product line saw a remarkable 120% year-over-year growth [7] - Net new bookings from deals over $1,000,000 grew 26% year over year, indicating strong sales momentum [7] - Subscription and support revenue grew slightly above 9% in constant currency, driven by strong execution [44][45] Market Data and Key Metrics Changes - Strong new business growth was observed in the U.S. and pockets of EMEA, particularly in The Netherlands and Switzerland, while The UK and Japan faced constraints [46] - Technology and communications sectors performed well, while retail, consumer goods, and public sector remained measured [46] Company Strategy and Development Direction - The company is focusing on the concept of the "agentic enterprise," which emphasizes the integration of AI and human collaboration to transform business operations [8][12] - Strategic priorities include delivering customer success, accelerating data and AI adoption, and maintaining a responsible capital allocation strategy [47][51] - The company is expanding its offerings in the public sector and launching a new IT service platform, AgenTeq, to enhance operational efficiency [28][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the transformative potential of AI and the agentic enterprise, stating that this is a pivotal moment in the industry [10][37] - The company anticipates a record year and is raising guidance based on strong performance and customer demand [7][53] - Management highlighted the importance of Data Cloud as a strategic asset for future growth, with significant customer adoption [25][24] Other Important Information - The company returned $2,600,000,000 to shareholders through buybacks and dividends in Q2, with a total of nearly $27,000,000,000 returned since the program began [52] - The company is actively pursuing acquisitions to enhance its capabilities, including recent deals with Convergence.ai and Bluebirds [51] Q&A Session Summary Question: How defensible is SaaS against disruption from AI-native apps? - Management acknowledged the transformation in the software industry driven by AI, emphasizing that Salesforce has been integrating AI for over a decade and is well-positioned to extend its SaaS offerings [60][66] Question: What caused the 60% increase in pilot to production conversions? - Management indicated that close collaboration with customers and enhancements in product features have facilitated faster transitions from pilot to production [74][76] Question: What does a production deal look like around AgentForce? - Management highlighted that successful production deals involve leveraging Data Cloud and integrating various systems to enhance customer interactions and operational efficiency [82][85]

（文章来源：每日经济新闻） 每经AI快讯，9月4日，赛富时盘后跌超3%，此前公司发布2026财年二季度财报。 ...

Financial Performance - Q2 FY26 - Revenue reached $10.2 billion, a 10% year-over-year increase, or 9% in constant currency[13] - Subscription & Support Revenue totaled $9.7 billion, up 11% year-over-year, or 9% in constant currency[13] - Current Remaining Performance Obligation (cRPO) was $29.4 billion, reflecting an 11% year-over-year increase, or 10% in constant currency[13] - GAAP Operating Margin was 22.8%, while Non-GAAP Operating Margin was 34.3%[13] - Operating Cash Flow was $740 million and Free Cash Flow was $605 million[13] Capital Allocation - $2.6 billion was returned to shareholders in Q2 FY26, including $2.2 billion in share repurchases and $399 million in dividends[13, 19] - The company has repurchased $24.3 billion of shares since the inception of the repurchase program, out of a total authorized $50 billion[19] - A $20 billion increase to the share repurchase program brings the total authorized amount to $50 billion[20] FY26 Guidance - Revenue guidance is maintained at $41.1 billion - $41.3 billion, representing 8.5% - 9% year-over-year growth[21] - Non-GAAP Operating Margin guidance is increased to 34.1%[21, 45] - Non-GAAP Diluted EPS guidance is raised to $11.33 - $11.37[21] Q3 FY26 Guidance - Revenue is projected to be $10.24 billion - $10.29 billion, an 8% - 9% year-over-year increase[23]