盘后暴跌超5%！AI变现乏力，Salesforce上季营收超预期但本季指引疲软

Core Viewpoint - Salesforce reported a nearly 10% year-over-year revenue growth in Q2, marking the first time in six quarters that growth approached double digits, while EPS exceeded expectations with a nearly 14% increase, more than doubling the growth rate from the previous quarter. However, the revenue growth is expected to slow in Q3, with guidance indicating a maximum growth of 9%, leading to a post-earnings drop of over 6% in stock price [1][3][13]. Financial Data Summary - Revenue: Q2 revenue reached $10.24 billion, a year-over-year increase of approximately 9.8%, with guidance for Q3 set between $10.11 billion and $10.16 billion, slightly below analyst expectations [6][10]. - EPS: Non-GAAP diluted EPS for Q2 was $2.91, a year-over-year increase of about 13.7%, exceeding both company guidance and analyst expectations [6][11]. - Operating Margin: Q2 GAAP operating margin was 22.8%, up 3.7 percentage points year-over-year, while non-GAAP operating margin was 34.3%, a 0.6 percentage point increase [6][12]. Business Data and Financial Indicators - Subscription and Support: Q2 revenue from subscription and support was $9.69 billion, reflecting a year-over-year growth of approximately 10.6% [7]. - Current Remaining Performance Obligations (CRPO): CRPO stood at $29.4 billion, a year-over-year increase of 11%, slightly above analyst expectations [8][15]. Performance Guidance - Revenue Guidance: Q3 revenue guidance is set between $10.24 billion and $10.29 billion, indicating a year-over-year growth of 8% to 9%, with full-year guidance adjusted to $41.1 billion to $41.3 billion, reflecting a growth of 8.5% to 9% [10][18]. - EPS Guidance: Q3 non-GAAP diluted EPS is projected between $2.84 and $2.86, aligning with analyst expectations, while full-year EPS guidance has been slightly raised [11][19]. Market Sentiment and Analyst Expectations - Analysts have expressed cautious sentiment regarding Salesforce's future growth, with several firms adjusting target prices downward due to perceived weak demand and the need for more data on the Agentforce AI platform [22][23]. - The company faces significant challenges in maintaining growth, transitioning from a high-growth phase to a more mature stage, with expectations that revenue growth may not return to double digits until FY2029 [20][21].