---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/dolphin/post/43614415.md"
description: "CRM F2Q27 First Take: on headline metrics alone, results were fairly muted, with core revenue and profit broadly in line with expectations. The apparent beat on net income was driven by approx. $2.6bn of investment gains. OP was slightly better than bearish views but flat YoY, which is hardly inspiring.Ex-FX, revenue growth continued to decelerate modestly, while a higher AI mix kept pressuring GPM. To build AI and drive adoption, R&D and sales & marketing (S&M) ratios kept rising, hence margins are trending down. Similarly, cRPO growth only ticked up by ~50bps vs. last qtr, which is not strong.Guidance for next qtr and the full year is also largely in line with the Street. Overall, revenue growth looks broadly stable with a slight recovery, while margins keep drifting lower.On the brighter side, AI is progressing steadily, with Agentforce AI + Data Cloud ARR reaching $3.9bn vs. $3.4bn last qtr. The sequential acceleration remains modest and has yet to drive an inflection in overall results, so it is steady execution rather than a step-change.Dolphin Research believes the after-hours rally is mainly supported by signs that revenue growth is bottoming, with a small pickup next qtr, alongside steady AI progress. We see more of a narrative reversal: markets had over-feared AI’s impact on SaaS, but recent evidence suggests most traditional SaaS names, while fundamentals are not great, have not shown visible AI-induced disruption.Therefore, with fundamentals little changed, the prior trend of pure multiple compression is reversing. CRM’s valuation was clearly depressed, leaving ample room to re-rate. $Salesforce(CRM.US)"
datetime: "2026-08-26T23:43:45.000Z"
locales:
  - [en](https://longbridge.com/en/dolphin/post/43614415.md)
  - [zh-CN](https://longbridge.com/zh-CN/dolphin/post/43614415.md)
  - [zh-HK](https://longbridge.com/zh-HK/dolphin/post/43614415.md)
author: "[Dolphin Research](https://longbridge.com/en/dolphin.md)"
generator: "portal-rs"
---

# CRM F2Q27 First Take: on headline metrics alone, r…


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**