高盛：Salesforce -26 财年第一季度业绩初评

We outline the results vs our estimates, consensus and guidance in Exhibit 1: Kash Rangan Salesforce Inc. (CRM): First Take on F1Q26 Results Salesforce is flat (+5% AH initially) with F1Q26 results that saw Subscription Revenue +8.3% YoY (+9% in CC) vs FactSet Consensus' +7.4%, OpM of 32.3% (vs. Consensus at 32.5%), cRPO +12.1% / +11% USD/CC YoY (vs. GSe / Consensus of +10%) and FCFM of 64.1% (vs. Consensus at 60.1%). F2Q26 guidance calls for Revenue growth of +8.7% / +7.5% USD/CC (vs. Consensus at +7.4%) w ...