业绩指引不及预期，英伟达软件供应商股价重挫20%！

Core Viewpoint - Dassault Systemes SE experienced a significant stock decline of up to 21% due to disappointing Q4 results and a weak outlook for 2026, raising concerns about its traditional software business being replaced by emerging AI tools [1][3]. Financial Performance - Q4 revenue was €1.68 billion (approximately $2 billion), a 4.1% year-over-year decline, falling short of the market expectation of €1.74 billion [3]. - The company's total revenue for the year remained flat at €6.24 billion (approximately $7.43 billion), below the market expectation of €6.3 billion [4][5]. - Software revenue for the year was recorded at €5.64 billion, indicating ongoing growth challenges [4]. Future Outlook - The company projected a non-IFRS revenue growth of 3% to 5% for 2026, which did not meet analyst expectations [3]. - The 2026 revenue forecast is estimated to be between €6.29 billion and €6.41 billion, with earnings per share expected to be between €1.30 and €1.34, both below market expectations [5]. Industry Context - The decline in demand from key sectors such as automotive and pharmaceuticals contributed to the disappointing performance [6]. - The company introduced an Annual Recurring Revenue (ARR) metric, which showed only a 6% growth since Q4 2023, raising concerns in a market shifting towards subscription models [6]. - The stock price drop reflects broader market fears regarding the SaaS industry, particularly in light of competition from new AI tools [6].