Salesforce：AI 到底是 “救星” 还是 “丧钟”？

Core Viewpoint - Salesforce's Q2 FY2026 results show stable performance with no significant acceleration in growth, primarily driven by favorable currency effects, while cost control has allowed for slight profit outperformance [1][5]. Revenue and Growth - Subscription revenue grew by 10.6% year-over-year, slightly exceeding market expectations, but this growth is largely attributed to currency fluctuations, with constant currency growth remaining around 9% [1][13]. - All five major cloud segments experienced a 1% to 3% sequential increase in growth, but traditional IT spending areas like sales, service, and marketing continue to show only single-digit growth [1][15]. - AI-related segments, particularly platform cloud and data analytics, showed stronger performance with revenue growth rates of 17% and 13% respectively, indicating a shift towards AI for future growth [1][16]. Profitability and Cost Management - Gross profit for the quarter reached approximately $8 billion, reflecting an 11.6% year-over-year increase, with a gross margin of 78.1%, up 1.1 percentage points from the previous quarter [2][26]. - Total operating expenses were $5.66 billion, growing only 5.2% year-over-year, which is significantly lower than revenue growth, allowing for an increase in operating profit margin to 22.8%, a historical high [3][34]. - The company has effectively controlled costs, with marketing expenses growing at a slower pace of 6.8%, while R&D expenses increased by 9.8% due to investments in AI products [3][28]. Forward Guidance - For the next quarter, Salesforce expects revenue growth of 8% to 9% year-over-year, with guidance for cRPO growth also remaining consistent at 10% [6][7]. - The diluted EPS guidance for the next quarter is projected at $1.61, indicating minimal growth compared to the previous year, suggesting increased investment in new business areas [7][8]. Market Context and Challenges - The software industry, including Salesforce, faces concerns regarding AI potentially replacing traditional software services, with revenue growth having declined for four consecutive quarters [5][6]. - Despite a recent price increase of approximately 6% across most enterprise versions, revenue acceleration remains limited, indicating challenges in leveraging new AI capabilities for significant growth [7][8].