赛富时：cRPO growth moderating on macro headwind

31 May 2024 CMB International Global Markets | Equity Research | Company Update Salesforce (CRM US) cRPO growth moderating on macro headwind Salesforce announced 1QFY25 financial results: total revenue grew 11% YoY to US$9.13bn, in line with consensus estimate; non-GAAP operating income grew by 29% YoY to US$2.93bn, in line with consensus estimate. The market is concerned that its cRPO growth rate decelerated to 10% YoY in 1QFY25 (4QFY24: +12% YoY) and was below the company guidance (+11% YoY), primarily du ...