文章核心观点 - Salesforce公司第二季度财报超预期 [4] - 公司三大核心业务板块(销售、服务、集成与分析)均实现两位数增长,其中集成与分析增长最快达14% [5] - 公司自由现金流持续增长,第二季度达7.55亿美元,同比增长20% [6] - 公司宣布了200亿美元的股票回购计划,并在第二季度回购了43亿美元的股票 [6] - 公司上调了2025财年的盈利指引 [8][9] 公司概况 - Salesforce是一家云计算软件公司,专注于CRM(客户关系管理)领域 [1][3] - 公司拥有10年投资银行从业经验的资深研究分析师,擅长行业和公司研究 [角色] - 公司在人工智能(AI)产品(自动化工作流、聊天机器人)方面有较大潜力 [3][11] 财务表现 - 第二季度营收93.3亿美元,同比增长8.4% [4][7] - 第二季度调整后每股收益2.56美元,超预期0.2美元 [4] - 自由现金流持续高增长,第二季度达7.55亿美元,同比增长20.2% [6][7] - 公司2025财年收入指引为377-380亿美元,同比增长8-9% [9] - 公司2025财年调整后每股收益指引为10.03-10.11美元,较之前指引上调2% [8][9] 估值分析 - 公司当前市盈率为23.1倍,低于历史平均水平和同行业平均水平 [10] - 如果公司市盈率回升至历史平均29.7倍,股价可能达到331美元 [10] 投资评级 - 公司自由现金流持续高增长、大规模股票回购和人工智能业务发展是投资亮点 [11] - 但企业市场需求放缓和人工智能支出下降是潜在风险 [12] - 总的来说,公司财务表现良好,估值合理,维持看好评级 [13]

报告公司投资评级 - 维持买入评级 [2] 报告的核心观点 - 报告的核心观点是Salesforce的cRPO增长重新加速，主要得益于多云计算和AI相关交易的强劲表现。此外，公司计划在10月推出新的AI平台Agentforce，预计将进一步推动AI产品的需求。管理层提高了FY25E的非GAAP营业利润率指引，显示了成本控制的成效。 [2] 根据相关目录分别进行总结 财务表现 - 2QFY25总收入同比增长8%至93.3亿美元，符合市场预期；非GAAP营业利润同比增长16%至31.4亿美元，超出市场预期6%，主要得益于费用控制的严格执行。cRPO增长在2QFY25重新加速至+11%（同比，固定汇率），主要归因于多云计算大单和早期续约的强劲表现。 [2] - 管理层预计3QFY25E总收入将同比增长7%至93.1-9.36亿美元。尽管如此，管理层维持FY25E收入指引为377-380亿美元（同比增长8-9%），并将FY25E非GAAP营业利润率指引提高至32.8%（之前为32.5%）。 [2] 业务驱动因素 - cRPO增长在2QFY25重新加速至+11%（同比，固定汇率），缓解了投资者对RPO增长放缓的担忧。多云计算和AI交易是主要驱动因素：1）多云计算交易贡献了2QFY25新业务的约80%；2）2QFY25签署了1500笔AI相关交易，AI产品预订量环比增长超过一倍。 [2] - 按细分市场，销售/服务/平台及其他/营销与商务/集成与分析云收入在2QFY25分别同比增长9/10/9/6/13%。 [2] 新产品发布 - 客户对基础模型和生成式AI应用的兴趣推动了对Salesforce数据云的强劲需求。付费数据云客户数量同比增长130%，年支出超过100万美元的客户数量也同比增长一倍。平台消费同比增长110%。 [2] - Salesforce计划在10月正式推出Agentforce，这是一个新的AI代理开发平台，可以帮助企业以及时且经济高效的方式构建自己的AI代理，用于不同的用例（如销售/服务/营销）。预计该平台将进一步推动Salesforce AI产品的客户需求。 [2] 利润率提升 - 2QFY25非GAAP营业利润率同比扩大2.1个百分点，环比扩大1.7个百分点至33.7%，主要得益于销售和市场费用的严格控制。销售和市场费用占2QFY25总收入的34.6%，低于2QFY24的36.2%。 [2] - 由于收入增长和效率提升，管理层将FY25E非GAAP营业利润率指引提高至32.8%（之前为32.5%；FY24为30.5%）。管理层还预计FY25E经营现金流增长将更强，达到23-25%（之前为+21-24%）。 [2] 估值 - 基于20倍FY25E EV/EBITDA，将目标价从335美元上调至336.5美元。目标EV/EBITDA低于行业平均水平（22倍），因为Salesforce的盈利增长已进入更成熟阶段。 [7]

Salesforce (CRM)  continued its transformation efforts to provide stronger financial figures after beating Q2 expectations on Wednesday and raising its profit guidance.This also helped to quiet fears of increasing competition from Microsoft (MSFT)  and Oracle (ORCL)  which have popular customer relationship managment software brands of their own.Salesforce’s Q2 Results Driven by subscription and support revenue, Salesforce posted Q2 sales of $9.32 billion which rose 8% year over year and surpassed estimates ...

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Key TakeawaysAnalysts are optimistic after Salesforce beat expectations with its second-quarter results.Investors will be watching for continued margin growth and the reach of Salesforce's new Agentforce AI platform.The consensus price target for Salesforce is $307, 18% higher than Wednesday's closing price. After Salesforce (CRM) reported better-than-expected results late Wednesday, Bank of America (BofA) Securities analysts raised their price target on the stock, citing record-high margins and the potenti ...

Shares of Salesforce, Inc. CRM have reversed off of resistance at the $268.60 level. This isn't a surprise. As you can see on the chart below, this level has been important since December.Some price levels are more important than others. Salesforce clearly illustrates this. This is why it's our Stock of the Day.In the stock market, important price levels can switch back and forth between support and resistance. There is resistance around $268.60 because it was a support level in April and May. And it was su ...

Shares of Salesforce Inc CRM climbed in early trading on Thursday before sliding on the heels of an upbeat second-quarter financial report.Here are some key analyst takeaways.Check out other analyst stock ratings.Goldman Sachs analyst Kash Rangan maintained a Buy rating, while lifting the price target from $315 to $325.Salesforce's quarterly results came as a "relief for investors," as they affirmed a "stabilizing demand environment" and the reiteration of the full-year revenue guidance de-risks the back ha ...

Salesforce, Inc.’s (CRM) second-quarter fiscal 2025 non-GAAP earnings per share (EPS) increased 21% to $2.56 from $2.12 in the year-ago quarter. The figure also surpassed the Zacks Consensus Estimate of $2.35. The robust year-over-year growth was driven by higher sales and the benefits of ongoing cost-restructuring initiatives, which include the trimming of the workforce and a reduction in office spaces.This enterprise cloud computing solution provider’s quarterly revenues of $9.33 billion increased 8% year ...

Shares of cloud software specialist Salesforce Inc (NYSE:CRM) are 1.3% higher at $262.25 at last glance, pulling back from its open around the $271 mark, after posting better-than-expected earnings and revenue figures for the second quarter. In addition, the firm hiked its full-year outlook, and announced the departure of CFO Amy Weaver.Options traders are attacking CRM in response. So far, 31,000 calls and 26,000 puts have been exchanged, which is already 9 times the average daily volume. The weekly 8/30 2 ...

NEW YORK, Aug. 29, 2024 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into Salesforce, Inc. (NYSE:CRM) for potential violations of the federal securities laws. If you invested in Salesforce, you are encouraged to submit your information at https://www.bfalaw.com/cases-investigations/salesforce-inc. Why Did Salesforce’s Stock Drop? On May 29, 2024, Salesforce reported its fiscal Q1 2025 financial results. In pertinent part, Salesforce’s reported $9.13 b ...