全球科技业绩快报：SalesforceFY2Q26

Investment Rating - The report does not explicitly provide an investment rating for Salesforce, but it indicates concerns about slowing revenue growth and market competition, which may imply a cautious outlook for investors [1][7]. Core Insights - Salesforce's total revenue for FY2Q26 was $10.24 billion, a 10% year-on-year increase, slightly above market expectations [1][7]. - The gross margin improved to approximately 78.1%, up 1.3 percentage points year-on-year, while the non-GAAP operating margin was 34.3%, an increase of 0.6 percentage points [1][7]. - The company anticipates a revenue growth slowdown in Q3 to 8-9%, which is below consensus expectations, reflecting cautious customer spending amid geopolitical and macro uncertainties [1][7]. - Concerns are raised regarding emerging AI vendors potentially disrupting traditional CRM models, which could weaken Salesforce's competitive position [1][7]. Summary by Sections Performance Highlights - The main growth drivers were the Data Cloud and Agentforce product lines, achieving a combined 120% year-on-year growth in annual recurring revenue (ARR) [2][8]. - Agentforce's paying customer base exceeded 6,000 within three quarters, with total customers surpassing 12,500 and a renewal rate of 40% [2][8]. - Data Cloud saw over 140% year-on-year growth in new customers, and the number of zero-copy integrated rows increased by 326% [2][8]. - The number of "million-dollar plus" deals grew by 26% year-on-year, contributing to a remaining performance obligation (RPO) revenue of $29.4 billion, an 11% year-on-year increase [2][8]. Product Line Developments - Sales Cloud and Service Cloud maintained stable double-digit growth, with Sales Cloud achieving an 11% year-on-year revenue increase due to new AI capabilities [3][9]. - Agentforce handled over 1.5 million conversations, maintaining high customer satisfaction levels through AI and human collaboration [3][9]. - Upcoming innovations include a new two-way email interaction platform in Marketing Cloud and enhanced AI functionalities in Tableau and MuleSoft [3][9]. Future Outlook - For Q3, Salesforce expects revenue between $10.24 billion and $10.29 billion, reflecting an 8-9% year-on-year growth [4][13]. - The full-year revenue guidance has been raised to between $41.1 billion and $41.3 billion, with an expected growth of 8.5-9% [4][13]. - The company plans to increase investments in Data Cloud, Agentforce, and a new ITSM platform, alongside completing the Informatica acquisition to strengthen its AI infrastructure strategy [4][13].