盘后一度跳涨8%！AI应用利好，Salesforce料本季营收劲增超10%，上调全年指引

Core Viewpoint - Salesforce reported a 9% year-over-year revenue growth in Q3, slightly below expectations, but EPS surged by 35%, significantly exceeding forecasts. The annualized revenue from AI and data cloud platforms continues to show triple-digit growth [1][3][13]. Financial Data Summary - Revenue: Q3 revenue reached $10.26 billion, a year-over-year increase of 8.6%, slightly below analyst expectations of $10.28 billion. The previous quarter saw a 9.8% growth [6][13]. - EPS: Non-GAAP diluted EPS for Q3 was $3.25, a nearly 34.9% year-over-year increase, exceeding the company's guidance and analyst expectations [6][13]. - Operating Margin: GAAP operating margin for Q3 was 21.3%, up 1.3 percentage points year-over-year, while non-GAAP operating margin was 35.5%, an increase of 2.4 percentage points [6][12]. Business Data and Financial Indicators - Subscription and Support Revenue: Q3 revenue from subscriptions and support was $9.73 billion, a year-over-year increase of over 9.5% [7]. - Current Remaining Performance Obligations (CRPO): CRPO stood at $29.4 billion, a year-over-year increase of 11%, slightly above analyst expectations [8][14]. Performance Guidance - Revenue Guidance: For Q4, Salesforce expects revenue between $11.13 billion and $11.23 billion, representing a year-over-year growth of 11.3% to 12.3%. The full-year revenue guidance was raised to between $41.45 billion and $41.55 billion, up from the previous guidance [10][19]. - EPS Guidance: Q4 non-GAAP diluted EPS is projected to be between $3.02 and $3.04, with full-year EPS guidance raised to between $11.75 and $11.77 [11][19]. AI and Data Cloud Performance - AI-related Business: The annual recurring revenue (ARR) from Salesforce's AI platform Agentforce and Data 360 reached nearly $1.4 billion, with a year-over-year growth of 114% [14][15]. - CRPO Growth: The guidance for Q4 CRPO indicates a year-over-year growth of approximately 15%, the highest growth rate in over three years [16][17]. Market Sentiment and Valuation - Valuation Concerns: Salesforce's valuation has dropped to its lowest since its IPO, with a forward P/E ratio of about 19, significantly below its historical average of 47 [20]. - Market Anxiety: There are growing concerns about the potential impact of AI on SaaS companies, with investors increasingly associating AI with "bubbles" rather than "growth opportunities" [20][21].