---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/41188085.md"
description: "Salesforce F1Q27 First Take: results were broadly muted, with mixed prints across metrics and only small beats/misses. Details follow:1) Total revenue grew 12% at cc, an acceleration of ~200bps QoQ and still grinding higher, but mostly from newly consolidated businesses; ex-M&A, the step-up is likely <100bps.Core subscription revenue rose 11% at cc, and ex-consolidation the run-rate appears little changed vs. last quarter.2) Data Cloud and AI-related revenue reached $850mn, up ~17% QoQ and accounting for 8% of total vs. 6.8% in the prior quarter.The AI mix continues to rise.However, it has not visibly accelerated total revenue, as AI growth was largely offset by contraction in legacy businesses.3) On leading indicators, cRPO grew 13% at cc, flat vs. last quarter.Net new bookings rose only 4% YoY vs. 19% in Q4, signaling tepid incremental demand and limited lift from AI to overall growth.4) Total GPM contracted ~10bps YoY, slightly below the Street.More notably, subscription GPM fell 110bps YoY, suggesting AI carries lower margins than legacy offerings given higher compute costs.On the plus side, opex was disciplined; total expenses rose 10.6%, with S&M below estimates.As a result, GAAP profitability held up, with OP up ~21% YoY and beating expectations.5) The company aggressively repurchased $27.1bn of stock this quarter.Diluted shares fell 10% YoY.6) While the in-quarter print was decent, the guide for next quarter was soft.Revenue is guided to grow 10% at cc, ~200bps slower than this quarter and below the Street.More than 4ppt of that comes from consolidation, implying organic growth below 6%.On profitability, management guided only GAAP diluted EPS at a $1.75 midpoint, implying >10% YoY decline vs. roughly flat consensus.Note the share count is down ~10% from buybacks, so the prior bar was already low.For FY27, management nudged up the low end of revenue guidance, but still expects 10–11% growth.This points to slower growth ahead as consolidation tailwinds fade.However, profit guidance was cut across the board: GAAP OPM was trimmed from 20.9% to 20.6%.FCF growth guidance was reduced from 9–10% to 4–5%.This implies margin pressure as the AI mix increases.Note EPS guidance was raised, but largely due to a lower share count post buyback. $Salesforce(CRM.US)"
datetime: "2026-05-28T01:16:37.000Z"
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  - [en](https://longbridge.com/en/topics/41188085.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/41188085.md)
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author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)"
---

# Salesforce F1Q27 First Take: results were broadly …


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