저자: MarcBenioff · 외국인
요약 보기
Salesforce 실적은 매출 14% 성장·첫 110억달러 분기 매출, 조정 EPS 50% 증가(대규모 자사주 매입 영향), Agentforce 매출 10억달러 돌파 등 호조. 주가 부진은 RPO 둔화와 'SaaS apocalypse' 우려 때문이라 주장. 하반기 가속과 연 460억달러 매출 목표를 재확인하고, 저가 구간에서 자사주 매입을 계속하겠다고 밝힘. 사회자 Cramer는 하반기 가속을 기대하며 주가가 저평가라고 봄.
다듬은 글
What do we make of these numbers from Salesforce, the cloud software company with a stock that's been under pressure for well over a year from AI worries? [snorts] After close today, Salesforce reported a strong set of numbers. Revenue growth reaccelerated, coming in higher than expected. They posted a very big earnings per share beat, though most of that was from a bountiful $27 billion buyback.
But the stock couldn't get the traction in after-hours trading, possibly because the remaining performance obligation, sort of like the backlog, came in light, fueling fears that Salesforce might be having trouble signing customers to longer contracts, even though I think they would beg to differ. There's a lot to consider here, especially with the stock so far off its highs and a buyback that's one of the biggest in the entire market.
So, let's go straight to the source. Mr. Benioff, welcome back to Mad Money. All right, Mark, you had sharply better than expected earnings. You are guiding for very good numbers in the second half. I'm trying to figure out the disconnect between a stock that looks like it's down and what I see is very big numbers.
Help me here. Jim, it's the SaaS apocalypse, so welcome. We're all drinking sarsaparillas here, but yes, you're right, revenue is up uh you know, very significantly, as you can see. And we had just a fantastic quarter, up 14% year-over-year on revenue. Um it's our first $11 billion quarter, Jim. Isn't that amazing?
Oh, I think it's incredible, and I know you bought back a lot of stock cuz you believe the stock is inexpensive. Someone might say, "Listen, you bought back a lot of stock, and the stock is just keep dropping. What's the point of buying back the stock?" Well, Jim, you're right, you know, we can look around for a great opportunities in the market, but Salesforce is probably the greatest, and uh we are excited to be able to return that to our investors.
In fact, it's one of the reasons why you saw that the Q1 GAAP diluted uh net income per share was 242, is up 52% year-over-year, Jim. That's non-GAAP diluted net income per share of 388. That was up 50%. We've never seen numbers of that. It's really because we've been able to buy back the stock and return that to our investors in a material way.
Okay, are you happy with how the agent force is going? Cuz I know that you use tokens as one method. You also use billions as another method. I'm trying to get my arms around what the the tokens method looks like. To me, the agent revenue number is pretty good. Well, you saw it. Agent Force revenues now over a billion dollars, Jim.
That's incredible. And Agent Force is now on all of our products, from sales to service, uh even inside our core applications now, uh we have Agent Force co-worker that lets our customers work with Agent Force directly, giving them tremendous capability uh to do things they've just never been able to do before.
When I call CVS, is it possible that I might be speaking to an agent who can route me better than someone who just puts me on hold? Well, you know that CVS had us one of our largest customers, and we're really excited to be announcing that they're using Agent Force and doing it in incredible new ways.
We've seen healthcare continue to look for ways to connect with their customers uh using agentic technology. You probably also saw UCLA Health. You can even go to their website, uclahealth.org, and you can use Agent Force to kind of get information on directly working with the physicians and the technology available there.
All right, so Mark, let's talk about this SaaS cockamamie, or whatever you want to call it. There are people who are saying, "Well, listen, you're being disrupted. You're being disrupted by these new AI platforms, and what it's doing is making it harder for you to get longer deals at good price increases." What do you say to that?
Well, Jim, I mean, you can see we just had a record quarter. It's kind of it's it's really incredible. And when you see the number of million-dollar transactions that happened in the quarter, well, this was a this was our record level. We've never seen this many large transactions happen. And also, I think we're going to see in the second quarter, you know, attrition is probably coming down.
A lot of the predictions that are happening in regards to the SAS apocalypse just hasn't happened. I mean, it really it you you you think about half uh you look at Slack um and the incredible growth rate of Slack, it's been really driven by the AI wave and the ability now for these companies to do things that they have not been able to do before.
All of this um is uh really um made possible by the tremendous new AI technology. should I be worried about Tableau, which I think might be I I more in the crosshairs of what we're talking about, or the commerce uh silo, which I always kind of liked and and I know is very important and near and dear to you?
Well, I think that when you look at Tableau, Jim, we just got done with Tableau conference uh couple weeks ago. The new Tableau is incredible and it's bolstered by this AI capability. That is the Agenta capability is now within uh Tableau. You can talk to Tableau, you can create Tableau capabilities in entirely new ways.
That gives Tableau the same kind of Agenta force power that we now have inside all of our apps. See, at every level, all Salesforce apps, whether it's sales or service or marketing, whether it's analytics like Tableau, whether it's commerce, even whether it's Slack, are just all made powerful by this Agenta uh platform.
And now, I think you saw that we've uh you know, completed our transaction and we had a great first quarter here with Informatica. It was just incredible to see data perform so well as in the quarter as well. All right, can you help us understand uh you're very excited about the tokens number. I'm trying to understand for our viewers why that is such a good number.
Put it in some context. Well, when you see just the number of tokens that we're able to distribute to our customers, it really gets down to the adoption of the products. That is, well, you know, are people using Agent Force? Well, you can see it in this incredible token number. And the token number basically shows that we continue to just outstrip, you know, our ability to deliver to our customers this incredible capability.
That That's why tokens are so important. All right. So, let's look at the price earnings model by I tend not to want to do that with software companies. But at a certain point, I say, "Well, wait a second. After this number, which is a rather huge earnings per share number, and yes, okay, so it's from a buyback." I don't know.
I saw Apple have huge numbers from a buyback for many years. It You're You're selling it like 12 times earnings. I mean, my thinking is just keep buying back stock until if they if the marketplace doesn't want want it, you buy it because you know the numbers better than anybody. Well, Jim, you just articulated our philosophy very well, which is that uh we are doing everything we can to create customer success, to deliver every customer the ability to use this amazing new Agenta capability, and if the market is not delivering on our results, then we are very happy to buy back our stock as well.
You are buying it back ahead of what you said, and this was I thought terrific. Again, you said it'd be a second half acceleration. You're not backing away from that. You're very close to it, and you're sticking with those numbers. Well, you can see we're going to We're going to have a monster year.
We're going to deliver more than $46 billion in revenue this year. There's no enterprise software company that's doing more than Salesforce is, and I think that being the largest in the field, delivering the Agenta capability across all of our products, helping all of our customers cross the chasm into this new world of the Agenta enterprise, that this remains our main focus.
And then finally, I just want to get a a feel for how you're viewing the world. I mean, you know that all we ever hear about Anthropic hurting is hurting you hurting everybody that's in software OpenAI. What's the matter with that narrative? Why why is that narrative so false when we do see so many companies in your industry being hurt?
Well, Jim, I think that you know, that isn't exactly what's happening. What's happening is we have an incredible new capability, which is artificial intelligence. Everyone who's used it knows this is an incredible new asset. It's a new type of infrastructure. And by bringing that in, for example, one of the tremendous success stories in the quarter is Slack, but also Slack bot that inside Slack now you have the ability to talk to this incredible AI that is giving you these amazing results.
Well, Jim, guess what? That Slack bot is driven by Anthropic. And so by building Anthropic now into Slack, we're able to take an incredibly successful product. By the way, Slack is used aggressively by Anthropic, by OpenAI, all the companies you just mentioned to run their own businesses. But now Slack Slack has the ability to go through to be able to look at your messages, to be able to read your channels, to be able to have a comprehensive understanding of your business and give you tremendous advice.
That's the power of AI. It's the ability to read large amounts of data and be able to come up with these tremendous insights. Well, to me, look, I I'm glad you're buying back stock cuz I think the sellers down here are wrong. It's just too inexpensive. It just I don't get it, but we'll see what they say and just uh second half I wait uh awaits us.
How about that? Jim, we're going to keep focusing on our customer success, and you're right. We're going to continue to drive our revenue. We're going to continue to um deliver tremendous cash flow. You saw the cash flow number was incredible for the quarter and for the year will be extraordinary. And then, Jim, finally, we're going to do exactly what you said, which is we're going to return incredible shareholder value by focusing on buying stock back during this time of incredible low prices.
That's called this is a apocalypse. Excellent. I want to thank Mark Benioff, chair and CEO of Salesforce CRM, a stock that I do own for my charitable trust. Thank you, Mark. Great to see you, Jim. Bye. Okay. Mad Money's back after the break. Coming up, earning season is wrapping up for retailers. So, Cramer is breaking out his lasso. It's time for a retail earnings roundup. Next. .
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