Core Viewpoint - Salesforce's recent quarterly results indicate a stable performance with most key metrics meeting or slightly exceeding expectations, but revenue growth remains stagnant and profit margin expansion has stalled [1][6]. Revenue Growth - Subscription revenue grew by 8.3% year-over-year, slightly above the expected 7.4%, showing initial signs of stabilization. However, constant currency growth remained flat at 9%, indicating no significant improvement [1][2]. - Traditional IT spending areas such as sales, customer service, and marketing continue to show weak growth, reflecting a lack of enthusiasm in IT budget allocations among European and American companies due to economic concerns and tariff impacts [1][2]. AI and Cloud Performance - The platform cloud and data analytics segments, which are more closely related to AI, performed significantly better, exceeding expectations by approximately 5 percentage points and 4 percentage points, respectively [2]. - The growth in platform cloud is likely driven by increased corporate spending on AI, despite overall IT budgets not increasing [2]. Leading Indicators - The nominal year-over-year growth rate of cRPO (contracted revenue not yet recognized) was 12.1%, appearing to accelerate compared to the previous quarter. However, this was primarily due to favorable currency effects, with constant currency growth remaining at 11% [3]. Profit Margins - Gross profit for subscription revenue was $7.67 billion, a year-over-year increase of 9.4%. However, this was below expectations, and the growth rate showed signs of slowing [3][4]. - The subscription business's gross margin decreased by 0.5 percentage points quarter-over-quarter, with year-over-year growth narrowing to less than 1 percentage point, indicating a stagnation in the upward trend of gross margins [4]. Expense Management - Total operating expenses were $5.62 billion, a year-over-year increase of 6.8%, which was lower than revenue growth, leading to a slight decrease in the expense ratio by approximately 0.4 percentage points [3][4]. - Marketing expenses, the largest component of total expenses, were $3.43 billion, growing by 5.9%, without significant increases due to AI promotions [3]. Operating Profit - Operating profit increased by 13.6% year-over-year to $1.94 billion, with a slight margin improvement of 1.2 percentage points. However, the rate of profit margin expansion has significantly slowed compared to previous fiscal years [4][5]. Cash Flow - Free cash flow for the quarter was approximately $6.3 billion, exceeding market expectations of $5.89 billion, but only reflecting a 4% year-over-year growth, indicating the company is in an investment cycle [4][5]. Guidance - For the next quarter, Salesforce guided revenue growth at 8% to 9% in constant currency, which is better than market expectations but does not indicate significant acceleration [4][5].

6月2日，全球第一CRM平台Salesforce收购了AI Agent平台Moonhub。收购完成后，Moonhub团队会全部 加入Salesforce，一起开发其主打智能体开发平台Agentforce。值得一提的是，这也是Salesforce自上周以 80亿美元收购Informatica后，连续收购来增强其Agentforce平台，并且会继续大力发展智能体赛道。 （AIGC开放社区） ...

Group 1: Acquisition Details - Salesforce has acquired Moonhub, a startup focused on AI-driven talent vetting and hiring, although the financial terms of the deal were not disclosed [1] - Moonhub's entire team based in Menlo Park, California, will be joining Salesforce, which was an early investor in the startup [1] Group 2: Strategic Importance - Moonhub's CEO, Nanxy Xu, emphasized the shared core values between Moonhub and Salesforce, particularly regarding customer trust and the potential of AI in driving global innovation [2] - The acquisition aligns with Salesforce's broader strategy, as the company recently completed an $8 billion acquisition of Informatica and previously acquired Convergence.ai to enhance its AI product offerings [2] Group 3: Moonhub's Background - Founded in 2022 by ex-Meta engineer Nanxy Xu, Moonhub provides tools for recruiting, evaluating, and hiring candidates, utilizing AI to streamline processes such as onboarding and payroll management [3] - Moonhub has raised $14.4 million from various investors, including Khosla Ventures and GV, and serves hundreds of customers, including Fortune 500 companies [4] Group 4: Industry Trends - The acquisition reflects a growing trend in the HR industry, where 93% of Fortune 500 chief human resource officers are integrating AI tools to enhance hiring and HR processes, despite mixed reactions from job seekers [7]

Core Insights - Salesforce.com (CRM) reported total revenue of $9.83 billion for the quarter ending April 2025, reflecting a 7.6% increase [4] - The company's international revenue performance is crucial for assessing its financial resilience and growth prospects [1][2] International Revenue Breakdown - Asia Pacific contributed $1.02 billion, accounting for 10.41% of total revenue, with a surprise increase of +4.15% compared to analyst expectations of $982.26 million [5] - Europe generated $2.34 billion, representing 23.78% of total revenue, exceeding expectations by +10.52% as analysts had projected $2.11 billion [6] Future Revenue Projections - Analysts forecast total revenue of $10.12 billion for the current fiscal quarter, an 8.5% increase from the previous year, with Asia Pacific and Europe expected to contribute 10% ($1.01 billion) and 21.4% ($2.17 billion) respectively [7] - For the entire year, total revenue is projected to reach $41.13 billion, an 8.6% improvement from the previous year, with Asia Pacific contributing 10% ($4.1 billion) and Europe 21.4% ($8.81 billion) [8] Market Context - The interconnected global economy presents both opportunities and challenges for Salesforce.com, necessitating close monitoring of international revenue trends to accurately project future performance [9][10] - The company's stock has seen a decline of 3.5% over the past month, contrasting with a 6.1% rise in the Zacks S&P 500 composite [13]

Core Insights - JR Research is recognized as a top analyst in technology, software, and internet sectors, focusing on growth and GARP strategies [1] - The investment approach emphasizes identifying attractive risk/reward opportunities with robust price action to generate alpha above the S&P 500 [1][2] - The investment group Ultimate Growth Investing specializes in high-potential opportunities across various sectors with a focus on strong growth potential and contrarian plays [3] Investment Strategy - The strategy combines sharp price action analysis with fundamental investing to identify growth opportunities with significant upside potential [2] - The focus is on avoiding overhyped and overvalued stocks while targeting battered stocks that have recovery potential [2] - The investment outlook typically spans 18 to 24 months for the thesis to materialize [3] Target Audience - The group is designed for investors looking to capitalize on growth stocks with strong fundamentals, buying momentum, and turnaround plays at attractive valuations [3]

Core Insights - The article discusses the expertise of Vladimir Dimitrov, CFA, who has a background in brand and intangible assets valuation, particularly in the technology, telecom, and banking sectors [1] Group 1 - Vladimir Dimitrov has worked with some of the largest global brands during his career in London [1] - He graduated from the London School of Economics and focuses on identifying reasonably priced businesses with sustainable long-term competitive advantages [1]

Core Insights - Salesforce reported stronger-than-expected earnings for its first fiscal quarter, driven by growth in AI and specifically its Agentforce product [1] - The company achieved an 8% year-over-year growth in top line revenue for Q1'26 [1] - Salesforce generated significant free cash flow during the quarter [1] Financial Performance - The top line growth of 8% indicates a positive trend in revenue generation compared to the previous year [1] - The strong performance in free cash flow suggests effective cost management and operational efficiency [1]

Group 1 - The focus is on growth and dividend income as a strategy for retirement planning [1] - The portfolio is structured to generate monthly dividend income that grows through reinvestment and annual increases [1] Group 2 - The article expresses personal opinions and is not intended as investment advice [2] - It emphasizes the importance of conducting individual research before making investment decisions [2]

得益于云计算支出的强劲增长以及其人工智能(AI)代理平台商业化进程的加速，全球领先的客户关系管 理软件提供商赛富时(CRM.US)公布了超预期的第一财季业绩，同时上调了2026财年营收指引。财报显 示，该公司第一财季营收同比增长8%至98亿美元，未履约订单金额达609亿美元，调整后每股收益2.58 美元，各项指标均超市场预期。根据最新预测，在截至2026年1月的财年中，该公司营收预计将达到410 亿至413亿美元，而此前预期为405亿至409亿美元。 赛富时的最新财报给大多数华尔街分析师留下了深刻印象。以Kirk Materne为首的Evercore ISI分析师在 周四的一份报告中表示："虽然2026财年总营收中，外汇因素从约1.5亿美元的负面影响'反转'为约2.5亿 美元的正面影响，几乎完全解释了业绩指引上调的全部原因，但管理层也提到，从更广泛的宏观需求角 度来看(除某些疲软领域，如营销外)情况仍然稳定，因为客户仍在寻求投资数据和人工智能。"Evercore ISI重申对赛富时的"跑赢大盘"评级，目标价由350美元上调至360美元。 与此同时，摩根士丹利重申对赛富时的"跑赢大盘"评级，目标价由393美元上 ...

Investment Rating - The report maintains a "BUY" rating for Salesforce, indicating a potential return of over 15% over the next 12 months [17]. Core Insights - Salesforce reported a total revenue growth of 8% YoY to US$9.8 billion in 1QFY26, with non-GAAP operating income also increasing by 8% YoY to US$3.2 billion, both aligning with Bloomberg consensus estimates [1]. - The company's current remaining performance obligation (cRPO) grew by 12% YoY to US$29.6 billion, exceeding consensus estimates by 2%, driven by strong renewal trends and momentum in Data Cloud and AI businesses [1][8]. - Management raised the FY26 total revenue guidance by US$400 million to a range of US$41.0-41.3 billion, reflecting a YoY growth of 8-9%, primarily due to favorable currency effects [1]. - The report highlights robust momentum in Data Cloud and AI solutions, with annual recurring revenue (ARR) surpassing US$1 billion, up over 120% YoY [8]. - Salesforce's acquisition of Informatica for approximately US$8 billion is expected to enhance its Data Cloud capabilities and is projected to be accretive to non-GAAP operating profit margin (OPM), earnings per share (EPS), and free cash flow (FCF) within two years post-close [8][11]. Financial Performance Summary - For FY26E, total revenue is projected at US$41.1 billion, with adjusted net profit expected to reach US$10.97 billion, reflecting a YoY growth of 8.5% and 10.5% respectively [2][9]. - The adjusted EPS for FY26E is estimated at US$11.30, with a P/E ratio of 38.1x [2][14]. - The report indicates a target price of US$388.00 per share, based on a valuation of 21x FY26E EV/EBITDA, which is at a discount to the sector average of 24x [3][11]. Business Forecasts Update - The report revises revenue forecasts for FY26E, FY27E, and FY28E upwards by 0.4%, 4.9%, and 4.8% respectively, reflecting the positive impact of the Informatica acquisition [9]. - Non-GAAP operating profit for FY26E is expected to be US$14.0 billion, with a non-GAAP OPM of 34.0%, maintaining a 1 percentage point increase YoY [9][10]. - The gross margin is projected to be 77.9% for FY26E, with a gradual increase in profitability metrics over the forecast period [10][15].