Application Software

Salesforce

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0226 | Dolphin Research focus: 🐬 Stock 1, $Alibaba(BABA.US). Alibaba Cloud Bailian launched the 'Coding Plan', integrating APIs for four mainstream models — Qwen3.5, GLM-5, MiniMax M2.5 and Kimi K2.5 — making it the only cloud provider globally to offer this combo.Lite plan is priced at RMB 7.9 for the first month and RMB 40 for the second; Pro plan at RMB 39.9 for the first month and RMB 200 for the second, with free model switching. The aim is to lower AI coding barriers through aggressive pricing and full-stack model coverage...

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Alibaba Cloud rolls out dirt-cheap AI coding bundle; JD's 'Billion-yuan Supermarket' reignites subsidy rush | Daily News Recap

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Conference Minutes

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Below is Dolphin Research's Trans of $Salesforce(CRM.US) FY26 Q4 earnings call.For our earnings analysis, cf. 'Salesforce: The AI replacement thesis sweeps the field — has the SaaS leader been cast aside?'Key takeaways recap1) Q1 guidance: revenue of $11.03–11.08bn, implying reported growth of ~12–13%.Management also guides Q1 CRPO to grow ~14% YoY on a reported basis ...

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CRM Trans: Organic rev. growth to re-accelerate in H2 FY

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Financial Analysis

Amid the 'AI killing SaaS' narrative, one of the hardest-hit names $Salesforce(CRM.US) reported FY2026 Q4 after the U.S. close this morning (period ended Jan 31), with overall results lukewarm.Revenue growth did tick up as expected, but mostly from acquisition consolidation; organic growth was weak.GPM continued to decline under pressure, and opex rose meaningfully across the board.As a result, GAAP OP missed estimates by a wide margin.Another key metric, cRPO (current remaining performance obligations), also grew slower than buy-side expectations, leading to a negative market reaction...

CRM: AI-replacement thesis sweeps; is the SaaS leader now a 'castoff'?---

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Salesforce 4Q26 First Take: Results were broadly lackluster. Revenue growth ticked up as expected, with no upside surprise, while GPM stayed under pressure and expenses rose sharply across the board, driving a notable GAAP OP miss. cRPO growth also fell short of buyside expectations, skewing market reaction negative. 1) Total revenue and subscription revenue rose 11% and 10% YoY cc, respectively, both accelerating by 2ppt QoQ. Roughly 4ppt of that lift came from consolidating Informatica, underscoring soft underlying growth. Versus expectations, the print merely matched. 2) Across the five major product lines, all segments except Platform (which absorbed Informatica) saw cc growth that was slightly slower vs. last quarter or at best flat. Again, core organic momentum failed to improve. 3) cRPO ended the quarter at $35.1bn, up 13% YoY cc, which appears 2ppt faster than last quarter. However, consolidation contributed about 4ppt, and buyside was looking for 14%–15%, implying a miss. 4) Profitability weakened: GPM declined YoY and QoQ, likely dragged by AI workloads such as Agentforce that carry heavier compute and lower margins. Total opex growth re-accelerated to ~15% YoY (after years in single digits), above both Street expectations and revenue growth, with R&amp;D, S&amp;M, and G&amp;A all moving higher. With growth soft and spend rising, OPM contracted by 1.5ppt YoY. 5) Guidance (cc): next-quarter total revenue +10%–11% YoY, a slight uptick similar to this quarter, with consolidation still a 4ppt tailwind and roughly in line with Bloomberg consensus. cRPO is guided to grow 13%, same as this quarter, showing no acceleration. Diluted EPS guidance is ~5% below Bloomberg, leaving little to cheer on either the top line or the bottom line. $Salesforce(CRM.US)

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Strategy Report

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Barely into 2026, Trump has already kicked off the show. At home, he is pushing a 10% cap on credit card APRs and leaning on the housing GSEs to buy hundreds of billions of MBS; abroad, he has floated a decapitation strike against Venezuela and a strong‑arm bid for Greenland... What policy logic underpins these erratic moves?Since taking office in 2025, Trump has largely gotten what he wanted. What do these actions mean for investing in 2026, and how should investors respond?Dolphin Research lays out the logic, starting with the near‑term reality of administrative price caps. The 2026 midterms are the primary force steering policy and, in turn, investment decisions...

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Wild-card Trump: erratic swings—are US equities still a trade in 2026?

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1204 | Dolphin Research Focus: 🐬 Macro/Industry 1. The Beijing Consumer Association, in collaboration with eight major e-commerce platforms including JD.com, Meituan, Pinduoduo, Vipshop, Douyin, Kuaishou, Xiaohongshu, and WeChat Live, signed the nation's first 'Commitment to Promote the Standardized Application of AI Technology.' Addressing issues such as AI digital human live streaming and virtual scene marketing, the core measures include 'transparent labeling, strict review, and traceable responsibility.' It clearly stipulates that AI-generated content must be prominently marked, and there will be a crackdown on fake labels among six major initiatives. The Beijing Consumer Association will track the implementation through volunteer experiences...

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Li Auto releases AI glasses Livis; Micron exits retail storage business to focus on AI | Today's Important News Recap

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The following are the minutes of the FY26Q3 earnings call for $Salesforce(CRM.US) compiled by Dolphin Research. For an interpretation of the earnings report, please refer to the article &#34;Salesforce: Is the AI Agent 'Delayed', and Has the SaaS Leader Become a Value Stock?&#34; 1. Review of Core Financial Information Guidance: The company is still expected to reaccelerate revenue growth within the next 12 to 18 months. Net new AOV growth: Net new AOV growth in the second half of FY26 is expected to exceed AOV growth in the second half...

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Salesforce (Minutes): The foundation of technology and sales has been laid, looking forward to the harvest period

The SaaS leader $Salesforce(CRM.US), announced its Q3 FY2026 financial results (ending October 31) after the US stock market closed on December 4. The performance for the quarter was not good, with most key metrics falling short of market expectations. The relatively comforting aspect is that leading indicators (cRPO and new orders) showed a slight improvement on a low base. The highlight is that the company guided for significant growth improvement in the next quarter, mainly due to the consolidation impact of the acquisition of Informatica. Specifically: 1. Overall revenue growth continues to slow down...

Salesforce: AI Agent 'Delayed', Has the SaaS Leader Become a Value Stock?

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Salesforce F3Q26 Quick Interpretation: Overall, Salesforce's financial performance for the quarter was average, with most indicators slightly below market expectations. However, more critical operational metrics such as cRPO and new orders were satisfactory. The more notable aspect was the acceleration in revenue and cRPO growth in the next quarter guidance, boosted by the acquisition of Informatica. Specifically: 1) Total revenue for this quarter increased by 8.6% year-on-year, slowing down by about 1 percentage point compared to the previous quarter, slightly below expectations. Meanwhile, due to the impact of AI investments, the year-on-year increase in gross margin was only 0.3 percentage points, resulting in a gross profit growth rate of only 9%, also slightly below expectations. As total operating expenses grew by 6.8% year-on-year, without significant acceleration, actual spending was slightly below market expectations, partially offsetting the slowdown in growth for the third quarter. Ultimately, operating profit and free cash flow fell short of expectations. The quarterly financial report performance was evidently not good. 2) Partly due to the low base in the same period last year, this quarter's cRPO (+11% yoy) and new order growth rates accelerated quarter-on-quarter, showing a better trend compared to past performance. 3) The bigger highlight is that the company has guided next quarter's revenue growth to increase to 11%~12%, and cRPO growth to 15%. However, it should be noted that the acceleration is almost entirely due to the benefits of consolidating Informatica and favorable exchange rates. 4) The most watched Agentforce-related business also made steady progress this quarter. Agentforce and Data 360 annualized revenue reached 1.4 billion, up from 1.2 billion last quarter, continuing to rise. Among them, Agentforce contributed annualized revenue of over 500 million, a year-on-year increase of 330%, with user numbers also increasing by 70%. $Salesforce(CRM.US)

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1010 | Dolphin Research Key Focus: 🐬 Macro/Industry 1. Amid overall market volatility, the tea beverage sector rose against the trend today, primarily due to the overlap of the Mid-Autumn Festival and National Day in 2025. Holiday travel and gathering scenarios have significantly boosted customer traffic in new tea beverage stores, raising market expectations for short-term revenue recovery of brands. Nayuki, Gu Ming, and Mixue all saw increases today. 🐬 Individual Stocks 1. $Intel(INTC.US) Intel disclosed details of the Panther Lake architecture for the first time, confirming the use of RibbonFET transistors and backside power delivery design, with mass production expected in the second half of 2026...

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Tea Stocks Rise Against Trend; SoftBank Said to Pledge Arm for $500M OpenAI Investment | Today's Important News Recap

XORTX's stock price fell sharply in the after-hours market, Salesforce's stock price declined, and Pineapple Financial's stock price surged

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Canaccord 下调 Salesforce 目标价至 250 美元

Salesforce released FY2026 Q4 earnings on February 25 After-Market EST, actual revenue USD 11.2 B (forecast USD 11.19 B), actual EPS USD 2.0686 (forecast USD 1.5661)

Salesforce released FY2026 Annual Earnings on February 25 After-Market (EST), actual revenue USD 41.53 B (forecast USD 41.49 B), actual EPS USD 7.8 (forecast USD 7.2841)

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