智通财经APP获悉，高盛近日发布研报，针对赛富时(CRM.US)宣布以每股25美元现金、总价80亿美元 收购Informatica(INFA.US)进行评论，该交易预计2027财年年初完成，报告指出，此次收购将助力赛富 时构建统一的数据架构以支持AI代理，同时重申对赛富时的买入评级，12个月目标价340美元，潜在涨 幅22.7%。 赛富时近日宣布，将以每股25美元现金收购Informatica，对该公司的估值为80亿美元。截至发稿，赛富 时盘前涨2.27%。 赛富时预计此次交易将在其2027财年年初完成。根据高盛在收购前发布的预测，此次交易对应5倍 EV/NTM销售额倍数和15倍EV/FCF倍数。报价较Informatica5月22日(消息公布前)的收盘价溢价30%。 Informatica预计2025财年营收增长3%，营业利润率为33%。 赛富时认为，Informatica的产品可帮助Agentforce支持一个用于构建和运行AI代理的统一架构，涵盖丰 富的数据目录、数据集成、治理、质量与隐私保护、元数据管理和主数据管理(MDM)。双方认为，这 些能力可建立企业级数据透明性、上下文数据理解和数据治理的统一架 ...

Group 1: European Technology Initiatives - The European Commission plans to establish a public-private partnership fund of at least €10 billion (approximately $11.3 billion) to help technology companies scale up, aiming to close the innovation gap with the US and China [4] - The strategy "Choose Europe: From Startups to Scaleups" was launched to address the challenges faced by startups in the EU, including regulatory fragmentation across 27 member states and difficulties in accessing financing, markets, talent, and infrastructure [4] Group 2: AI Developments - DeepSeek has released an open-source version of its R1 model, which reportedly performs comparably to OpenAI's latest o3 model [5] - Telegram has entered a one-year partnership with xAI to integrate Grok into its application, with Telegram receiving $300 million in cash and equity, plus 50% of subscription revenue from xAI [6] - Tencent has launched and open-sourced its voice digital human model, HunyuanVideo-Avatar, aimed at video creators [8] - Amazon Web Services and SAP have initiated a new AI joint innovation program to help partners build generative AI applications [9][10] - Salesforce plans to acquire Informatica for approximately $8 billion to enhance its competitive edge in the AI market [11] - AI infrastructure startup Chalk has completed a $50 million Series A funding round, achieving a valuation of $500 million [12] Group 3: Semiconductor Industry - The US is reportedly set to ban the export of semiconductor design software to China, affecting major companies that dominate the Electronic Design Automation (EDA) market [14][15] - The EU is exploring new paths for chip industry development, aiming to double its global semiconductor production share to at least 20% by 2030 [16][18] - TSMC plans to establish a chip design center in Munich, Germany, to support European customers in designing high-density, high-performance chips [40] Group 4: Energy and Mining - China Petroleum & Chemical Corporation (Sinopec) has established a hydrogen energy industry chain venture capital fund to promote innovation and development in the hydrogen sector [56] - Harmony Gold has agreed to acquire MAC Copper for $1.03 billion to expand its operations in Australia, focusing on a high-grade copper mine [57]

点击蓝字，关注我们 5月14日，腾讯控股(00700)将公布2025年一季度业绩。赛富时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。 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，此前预期为 405亿至409亿美元。 尽管过去几个月全球宏观经济存在不确定性，但大型企业仍持续加大云计算投入，通过AI技术升级 数字基础设施。这一趋势为赛富时带来了持续的业务增长。 云计算支出的增加为赛富时的人工智能代理平台Agentforce的商业化进程提供了有力支撑。该公司正 全力押注智能代理技术，以推动其软件产品的市场渗透。 数据显示，赛富时的AI代理平台"Agentforce"产品已获得市场初步认可，目前累计完成超4000笔付费 交易，但投 ...

当前科技企业正全面拥抱AI转型。从客户服务到软件开发，AI正在重塑行业用工结构。本月早些时 候，微软(MSFT.US)的裁员计划中，软件工程师成为受影响最严重的群体。微软和谷歌(GOOGL.US)高 管表示，在某些项目中AI已能完成约30%的新代码编写工作。社交媒体领域的内容审核工作也早已开始 向AI转移，Meta(META.US)首席执行官马克·扎克伯格表示，今年将启用AI工程师团队负责基础漏洞修 复和产品优化。 在缩减部分岗位招聘的同时，赛富时正加速扩充销售团队。首席营收官Miguel Milano在电话会议上表 示，目前公司拥有13000名销售人员，预计今年销售团队规模将同比增长22%。今年早些时候，赛富时 曾进行组织架构调整，在裁减逾千个岗位的同时，重点增加了AI相关职位特别是销售岗位的招聘。 智通财经APP获悉，赛富时(CRM.US)表示，由于内部人工智能(AI)工具的广泛应用，公司已大幅缩减部 分岗位的招聘规模，这再次印证了新兴技术正深刻改变企业用人策略。 Washington在接受采访时表示，AI带来的生产力提升使得赛富时减少了工程师招聘规模。"我们将这些 工具视为辅助助手，它们不仅让我们缩减招 ...

Revenue and Income - Revenue for the three months ended April 30, 2025, was $9.8 billion, an increase of 8% year-over-year[149]. - Total revenues for the three months ended April 30, 2025, were $9,829 million, an increase of 8% compared to $9,133 million in the same period of 2024[177]. - Income from operations for the same period was $1.9 billion, with an operating margin of approximately 20%, up from 19% in the prior year[149]. - Net income for the three months ended April 30, 2025, was $1,541 million, representing 16% of total revenues, slightly down from 17% in Q1 2024[177]. - Diluted net income per share for the same period was $1.59, compared to $1.56 from a year ago[157]. Performance Obligations - Total remaining performance obligation as of April 30, 2025, was approximately $60.9 billion, an increase of 13% year-over-year[157]. - Current remaining performance obligation was approximately $29.6 billion, reflecting a 12% increase year-over-year[157]. - Remaining performance obligation as of April 30, 2025, was $60.9 billion, down from $63.4 billion as of January 31, 2025[178]. Cash Flow and Liquidity - Cash provided by operations for the three months ended April 30, 2025, was $6.5 billion, an increase of 4% year-over-year[157]. - For the three months ended April 30, 2025, net cash provided by operating activities was $6.476 billion, an increase from $6.247 billion in the same period of 2024[200]. - As of April 30, 2025, the company had total liquidity of $17.4 billion in cash, cash equivalents, and marketable securities, along with accounts receivable of $4.4 billion[197]. - Cash, cash equivalents, and marketable securities increased to $17,408 million as of April 30, 2025, compared to $14,032 million at the end of January 2025[178]. Expenses and Profitability - The cost of revenues for the three months ended April 30, 2025, was $2,265 million, representing 23% of total revenues, compared to 24% in the same period of 2024[187]. - Gross profit for the three months ended April 30, 2025, was $7,564 million, which is 77% of total revenues, compared to 76% in Q1 2024[177]. - Operating expenses totaled $5,622 million for the three months ended April 30, 2025, consistent at 57% of total revenues, compared to the same period in 2024[189]. - Research and development expenses for the three months ended April 30, 2025, were $1,460 million, maintaining 15% of total revenues, with a 10% increase in headcount[189]. Shareholder Returns - During the three months ended April 30, 2025, the company repurchased approximately 10 million shares for approximately $2.7 billion[157]. - The company paid approximately $402 million in dividends during the same period[157]. - The company announced a dividend of $0.416 per share for the three months ended April 30, 2025, totaling $406 million[212]. - The company authorized a Share Repurchase Program totaling $30 billion, with $7.9 billion remaining for future repurchases as of April 30, 2025[210]. Strategic Investments and Acquisitions - The company plans to acquire Informatica Inc. for approximately $8 billion, which will be funded through a combination of new debt and cash on hand[216]. - Losses on strategic investments for the three months ended April 30, 2025, were $63 million, a significant decline from gains of $37 million in Q1 2024[195]. - The company incurred $36 million in restructuring costs primarily related to employee transitions during the three months ended April 30, 2025[195]. Tax and Regulatory - The company recorded a tax provision of $433 million on pretax income of $2.0 billion for the three months ended April 30, 2025, resulting in an effective tax rate of 22%, up from 18% in 2024[196]. - The effective tax rate for the three months ended April 30, 2025, was 22%, up from 18% in the same period of 2024, primarily due to lower excess tax benefits from stock-based compensation[196]. Market Trends and Future Outlook - The buying environment trends have stabilized, but economic unpredictability may impact future growth[150]. - The company expects to continue investing in infrastructure to scale operations and enhance security measures, with no significant changes to future payment estimates under fixed contractual obligations[214]. - Future cash payments related to restructuring initiatives are expected to be between $160 million and $190 million, primarily for workforce costs[215].

Core Viewpoint - Salesforce.com reported a revenue of $9.83 billion for the quarter ended April 2025, reflecting a year-over-year increase of 7.6% and surpassing the Zacks Consensus Estimate of $9.74 billion by 0.95% [1] Financial Performance - Earnings per share (EPS) for the quarter was $2.58, an increase from $2.44 in the same quarter last year, exceeding the consensus EPS estimate of $2.54 by 1.57% [1] - The stock has returned +3.5% over the past month, while the Zacks S&P 500 composite has changed by +7.4% [3] Key Metrics - Remaining performance obligation (RPO) - Current: $29.6 billion, exceeding the average estimate of $29 billion [4] - Remaining performance obligation (RPO) - Total: $60.9 billion, compared to the average estimate of $60.43 billion [4] - Geographic Revenue - Americas: $6.47 billion, a +6.7% change year-over-year, below the estimate of $6.63 billion [4] - Geographic Revenue - Asia Pacific: $1.02 billion, a +10.5% change year-over-year, above the estimate of $982.26 million [4] - Geographic Revenue - Europe: $2.34 billion, a +9% change year-over-year, above the estimate of $2.11 billion [4] Revenue Breakdown - Revenue from Professional services and other: $532 million, a -2.9% change year-over-year, above the average estimate of $515.31 million [4] - Revenue from Subscription and support: $9.30 billion, an +8.3% change year-over-year, above the average estimate of $9.22 billion [4] - Revenue from Subscription and support - Service: $2.33 billion, a +7% change year-over-year, slightly below the estimate of $2.35 billion [4] - Revenue from Subscription and support - Marketing and Commerce: $1.33 billion, a +3.4% change year-over-year, below the estimate of $1.35 billion [4] - Revenue from Subscription and support - Platform and Other: $1.96 billion, a +14.3% change year-over-year, above the average estimate of $1.83 billion [4] - Revenue from Subscription and support - Integration and Analytics: $1.54 billion, slightly below the estimate of $1.56 billion [4]

Core Viewpoint - Salesforce.com reported quarterly earnings of $2.58 per share, exceeding the Zacks Consensus Estimate of $2.54 per share, and showing an increase from $2.44 per share a year ago, indicating a positive earnings surprise of 1.57% [1] - The company generated revenues of $9.83 billion for the quarter, surpassing the Zacks Consensus Estimate by 0.95% and reflecting a year-over-year increase from $9.13 billion [2] Financial Performance - Over the last four quarters, Salesforce.com has exceeded consensus EPS estimates three times and has also topped consensus revenue estimates three times [2] - The current consensus EPS estimate for the upcoming quarter is $2.72, with expected revenues of $10.02 billion, while the estimate for the current fiscal year is $11.12 on revenues of $40.75 billion [7] Market Performance - Salesforce.com shares have declined approximately 17.1% since the beginning of the year, contrasting with the S&P 500's gain of 0.7% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Outlook - The Computer - Software industry, to which Salesforce.com belongs, is currently ranked in the top 30% of over 250 Zacks industries, suggesting a favorable outlook for stocks within this sector [8] - Another company in the same industry, Oracle, is expected to report quarterly earnings of $1.64 per share, reflecting a year-over-year change of +0.6%, with revenues projected at $15.54 billion, up 8.8% from the previous year [9]

Financial Data and Key Metrics Changes - The company reported Q1 revenue of $9,830,000,000, an increase of 8% year over year [22][57] - Subscription and support revenue grew by 9% in constant currency [22][58] - Remaining performance obligation (RPO) reached $60,900,000,000, up 13% year over year [24][61] - Current remaining performance obligation (CRPO) ended at $29,600,000,000, up 12% year over year [61] - Operating cash flow was $6,500,000,000, a 4% increase year over year [61] - The company raised its fiscal year 2026 revenue guidance by $400,000,000 to a range of $41,000,000,000 to $41,300,000,000 [62] Business Line Data and Key Metrics Changes - Strong growth was observed in the small and medium market business, achieving double-digit new bookings growth [23][24] - Data Cloud surpassed 22,000,000,000,000 records, up 175% year over year [30] - AgentForce reached over $100,000,000 in annual operating value (AOV) [29] - Data Cloud and ARR grew more than 120% year over year, contributing over $1,000,000,000 to the business [32] Market Data and Key Metrics Changes - Strong new business growth was noted in the UK, France, Canada, and Asia Pacific, particularly South Asia [60] - The company experienced strong performance in the Communications and Media and Health and Life Sciences sectors, while Retail and Consumer Goods and Public Sector showed more measured performance [60] Company Strategy and Development Direction - The acquisition of Informatica for $8,000,000,000 is seen as a transformational step to enhance the company's AI and data capabilities [8][20] - The company is focused on maintaining a disciplined approach to acquisitions and capital allocation, emphasizing customer success and strategic fit [17][20] - The integration of AgentForce and Data Cloud is expected to drive significant growth and market differentiation [20][32] Management's Comments on Operating Environment and Future Outlook - Management expressed excitement about the growth opportunities in AI and enterprise software, highlighting the importance of data transformation for businesses [12][26] - The company is committed to maintaining margin and cash flow frameworks while pursuing growth initiatives [70][74] - Management noted that the current economic environment has not significantly impacted customer behavior, maintaining confidence in the pipeline [94][95] Other Important Information - The company introduced a new consumption-based pricing model, Flex credits, to enhance customer experience [27] - The company is focused on operational excellence to maximize shareholder value, with a strong emphasis on efficiency and profitability [54][61] Q&A Session Summary Question: When will AgentForce and Data Cloud become bigger drivers for overall growth rates at Salesforce? - Management acknowledged the importance of growth and emphasized the need for balanced execution while focusing on distribution and investment in sales capacity [68][70] Question: Have macroeconomic uncertainties affected customer behavior? - Management reiterated the strength of their balanced portfolio and strong momentum in data and AI, expressing confidence in their guidance despite headwinds [93][94] Question: How will the combined portfolio of Tableau, MuleSoft, and Informatica change the game for the company? - Management highlighted the integration of Tableau into the core Salesforce functionality and its role in enhancing the agentic layer, which is crucial for customer engagement [99][100]

Financial Data and Key Metrics Changes - The company reported Q1 revenue of $9,830,000,000, an increase of 8% year over year [22] - Subscription and support revenue grew by 9% in constant currency [22] - Non-GAAP operating margin for the quarter was 32.3% [23] - Remaining performance obligation (RPO) reached $60,900,000,000, up 13% year over year [24] - Current remaining performance obligation (CRPO) was $29,600,000,000, up 12% year on year [61] - Operating cash flow was $6,500,000,000, a 4% increase year over year [61] - The company raised its fiscal year 2026 revenue guidance by $400,000,000 to a range of $41,000,000,000 to $41,300,000,000 [62] Business Line Data and Key Metrics Changes - Strong growth was observed in the small and medium market business, achieving double-digit new bookings growth [23] - Data Cloud surpassed 22,000,000,000,000 records, up 175% year over year [30] - Data Cloud and ARR grew more than 120% year over year, contributing over $1,000,000,000 to the business [32] - 30% of Q1 AgentForce new bookings came from existing customers increasing their consumption [31] Market Data and Key Metrics Changes - Strong new business growth was noted in the UK, France, Canada, and Asia Pacific, particularly South Asia [60] - Comms and Media and Health and Life Sciences industries performed well, while Retail and Consumer Goods and Public Sector showed more measured performance [60] Company Strategy and Development Direction - The acquisition of Informatica for $8,000,000,000 is seen as a transformational step to enhance the company's AI and data capabilities [8][20] - The company aims to leverage its operational excellence and M&A integration playbook to achieve accretion on non-GAAP operating margin and free cash flow by year two post-close of the Informatica deal [18] - The focus is on delivering customer success and accelerating AI adoption to drive growth [49] Management's Comments on Operating Environment and Future Outlook - Management expressed excitement about the growth opportunities in AI and enterprise software, emphasizing the importance of data readiness for AI transformations [12][30] - The company is committed to maintaining margin and cash flow frameworks while pursuing growth [71] - Management highlighted the strong pipeline and momentum in small and medium business segments, indicating a positive outlook for future growth [79] Other Important Information - The company introduced a new consumption-based pricing model called Flex credits [27] - The company is focused on responsible capital allocation, maintaining a clear focus on efficiency and profitable growth [61] Q&A Session Summary Question: When will AgentForce and Data Cloud become bigger drivers for overall growth rates? - Management acknowledged the importance of growth and indicated that they are committed to maintaining margin frameworks while focusing on distribution and hiring more salespeople to accelerate growth [70][72] Question: Have macro uncertainties affected customer behavior? - Management reiterated confidence in their balanced portfolio and strong momentum with data and AI, factoring in headwinds but remaining optimistic about guidance [95][96] Question: How will the combined portfolio of Tableau, MuleSoft, and Informatica change the game? - Management highlighted the integration of Tableau into the core functionality of Salesforce and its importance in the agentic layer, emphasizing the synergy with Data Cloud and MuleSoft [100][101]

Financial Data and Key Metrics Changes - The company reported Q1 revenue of $9,830,000,000, an increase of 8% year over year [20] - Subscription and support revenue grew by 9% in constant currency [21] - Non-GAAP operating margin for the quarter was 32.3% [22] - Remaining performance obligation (RPO) reached $60,900,000,000, up 13% year over year [22] - Current remaining performance obligation (CRPO) grew by 12% year over year in nominal terms [56] - Operating cash flow was $6,500,000,000, a 4% increase year over year [56] - The company raised its fiscal year 2026 revenue guidance by $400,000,000 to a range of $41,000,000,000 to $41,300,000,000 [57] Business Line Data and Key Metrics Changes - Strong growth was observed in the small and medium market business, achieving double-digit new bookings growth [21] - Data Cloud surpassed 22,000,000,000,000 records, up 175% year over year [28] - AgentForce reached over $100,000,000 in annual operating value (AOV) [27] - Data Cloud and ARR grew more than 120% year over year, contributing over $1,000,000,000 to the business [30] Market Data and Key Metrics Changes - The company saw strong new business growth in the UK, France, Canada, and Asia Pacific, particularly South Asia [55] - Comms and Media and Health and Life Sciences industries performed well, while Retail and Consumer Goods and Public Sector showed more measured performance [55] Company Strategy and Development Direction - The acquisition of Informatica for $8,000,000,000 is seen as a transformational step to enhance the company's AI and data capabilities [7][10] - The company aims to achieve accretion on non-GAAP operating margin, non-GAAP EPS, and free cash flow by year two post-acquisition [17] - The focus is on operational excellence and a disciplined approach to mergers and acquisitions [16] Management's Comments on Operating Environment and Future Outlook - Management expressed excitement about the growth opportunities in AI and enterprise software, emphasizing the importance of data transformation for AI success [11][24] - The company is committed to maintaining margin and cash flow frameworks while pursuing growth [64] - Management highlighted the strong momentum in data and AI, with expectations for continued contributions from AgentForce [90] Other Important Information - The company introduced a new consumption-based pricing model called Flex credits [25] - The company plans to add FedRAMP high authorization for AgentForce to cater to the U.S. public sector [26] - The company has seen significant customer success stories, including partnerships with major companies like PepsiCo and Falabella [39][42] Q&A Session Summary Question: When will AgentForce and Data Cloud become bigger drivers for overall growth rates? - Management acknowledged the importance of growth and emphasized a balanced execution approach while focusing on distribution and investment in sales capacity [64][66] Question: Have macro uncertainties affected customer behavior? - Management noted a balanced portfolio and strong momentum in data and AI, which provides confidence in guidance despite headwinds [90] Question: How will the combined portfolio of Tableau, MuleSoft, and Informatica change the game? - Management highlighted the integration of Tableau into the core Salesforce functionality and its role in enhancing the agentic layer and data strategy [95][100]