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].

在人工智能浪潮席卷全球之际，昔日的软件业宠儿Salesforce正面临一场严峻的考验。 今年以来，Salesforce的股价已下跌24%，成为标普500指数中表现最差的30只股票之一。这与此前两年合计飙升超过150%的辉煌形成了鲜明对 比，堪称一次急剧的市场逆转。 根据市场预期，Salesforce本财年第二季度的营收预计将同比增长近9%，净利润增长23%。虽然这可能是该公司一年多来最快的销售扩张，但营 收增速仍将是连续第五个季度低于10%，这是近二十年来从未发生过的情况。此外，预测显示，公司的年收入增长率可能要到2029财年才能重返 两位数。 Salesforce正积极布局AI，其Agentforce AI平台已展现出一定的吸引力，同时公司斥资80亿美元收购数据管理软件公司Informatica Inc.，也被视为其 AI战略的关键一环。然而，投资者尚不确定这些举措能否抵消AI带来的潜在威胁。 这一跌幅在软件巨头中尤为刺眼，微软、甲骨文和Palantir Technologies等被认为在AI领域更具优势的公司股价表现强劲。尽管Salesforce已推出自 有AI产品，但市场对其长期发展轨迹的疑虑，可能导致 ...