<p><img src="https://imageproxy.pbkrs.com/https://www.valuewalk.com/wp-content/uploads/2025/03/salesforce_1280x720.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1280" height="720" original-src="https://imageproxy.pbkrs.com/https://www.valuewalk.com/wp-content/uploads/2025/03/salesforce_1280x720.jpg"/></p>
<p><em>来源</em></p>
<p>对于 <strong>Salesforce</strong>（纳斯达克：CRM）来说，这是一个充满挑战的一年，它是客户关系管理软件的领先提供商。</p>
<p><strong>Salesforce 的股票年初至今下跌约 28%</strong>，过去 12 个月大约下跌 35%。最初，部分担忧来自于其估值，但随着股价的暴跌，估值已经下降。</p>
<p>关于 Salesforce 的主要 <strong>担忧之一是其收入增速放缓</strong>，预计增幅将在高个位数百分比。过去几年，该公司的收入增长为两位数。盈利增长强劲，但主要归功于效率的提升。</p>
<p>收入增速放缓部分可能是由于其客户面临的宏观挑战，导致 <strong>企业支出减少</strong>。此外，还有人质疑 Salesforce 在其代理 AI 上的 <strong>巨额支出</strong> 是否值得——或者是否回报得足够快。Agentforce 是一个代理 AI 项目，基本上是帮助客户的自主聊天机器人代理。</p>
<p>自去年推出以来，许多投资者和分析师认为其采用速度低于预期。但这种情况是否开始改变？</p>
<h2>盈利超预期和指引上调</h2>
<p>Salesforce 在周三市场收盘后发布了其财报，显示出 <strong>可能正在转变的迹象</strong>。</p>
<p><strong>收入同比增长约 9%</strong>，达到 103 亿美元，符合分析师的预期。</p>
<p><strong>净收入跃升 40%</strong>，达到 21 亿美元，或每股 2.19 美元。调整后的净收入为 31 亿美元，或每股 3.25 美元，轻松超过 2.86 美元的预期。</p>
<p>尽管这些结果强劲，但投资者对其管道和前景更为印象深刻。</p>
<p>它的 <strong>剩余履约义务为 595 亿美元</strong>，即已签署但尚未履行的合同。这比去年增长了 12%。当前的 RPO 将在 12 个月内履行，增长 11%，达到 294 亿美元。</p>
<p>此外，该公司还 <strong>上调了第四季度和整个财政年度的指引</strong>。</p>
<blockquote>
<p>我们将 2026 财年的收入指引上调至 414.5 亿美元至 415.5 亿美元，第三季度的 cRPO 表现出色，同比增长 11%，达到 294 亿美元，显示出未来收入的强大管道，” Salesforce 的董事长兼首席执行官 Marc Benioff 表示。“我们的 Agentforce 和 Data 360 产品是推动增长的动力，年经常性收入接近 14 亿美元——同比增长 114%。”</p>
</blockquote>
<p>Benioff 表示，公司拥有超过 9500 个付费的 Agentforce 交易，并处理了约 3.2 万亿个令牌，这基本上指的是处理的信息。</p>
<h2>分析师看好</h2>
<p>该公司目标到 2030 年实现 600 亿美元的收入，推动因素是 Agentforce 的持续采用。截至上一个财政年度末，其收入约为 380 亿美元。</p>
<p>Salesforce 的股票在周四早盘上涨约 2%，并获得了一些分析师的适度目标价上调。<strong>最看好的分析师是德意志银行，将目标价上调至每股 360 美元</strong>，基于代理 AI 的增长势头。此外，<strong>Northland 也上调了目标价</strong>，但较低，为每股 267 美元。</p>
<p>总体而言，华尔街普遍看好，<strong>中位目标价为每股 330 美元</strong>，这意味着有 36% 的上涨空间。该股的估值大幅下降，市盈率为 31，未来市盈率为 18。</p>
<p>Salesforce 是否在艰难的 2025 年转变了局面？很难确定，但第三季度的财报表明它 <strong>朝着正确的方向前进</strong>。而利率的下降可能有助于促进更多的企业支出和投资。</p>
<hr/>
<p><em>更多来自此作者的文章：</em></p>
<p>年初至今上涨 60%，Dollar General 股票持续上涨</p>
<p>American Eagle 股票飙升 16%，因创纪录的黑色星期五而上调前景</p>
<p>这就是特斯拉和机器人股票上涨的原因</p>

赛富时

<p>Salesforce（纳斯达克代码：CRM）面临着 28% 的年初至今股价下跌的挑战。然而，第三季度的财报显示出改善，收入增长了 9%，净利润跃升了 40%。公司提高了财年的业绩指引，这得益于 Agentforce 和 Data 360 产品。分析师们持乐观态度，价格目标暗示有 36% 的上涨空间。Salesforce 的股票在财报发布后上涨了 2%，显示出潜在的复苏迹象</p>

<p><img src="https://imageproxy.pbkrs.com/https://www.valuewalk.com/wp-content/uploads/2025/03/salesforce_1280x720.jpg" alt="" original-src="https://www.valuewalk.com/wp-content/uploads/2025/03/salesforce_1280x720.jpg"/></p>
<p><em>Source</em></p>
<div class="lb-trans"><p><em>来源</em></p>
</div><p>It has been a challenging year for <strong>Salesforce</strong> (Nasdaq: CRM), the leading provider of customer relationship management software.</p>
<div class="lb-trans"><p>对于 <strong>Salesforce</strong>（纳斯达克：CRM）来说，这是一个充满挑战的一年，它是客户关系管理软件的领先提供商。</p>
</div><p><strong>Salesforce stock is down about 28% year-to-date</strong> and roughly 35% over the past 12 months. Initially, part of the concern was its valuation, but it has since come down as the stock price has plummeted.</p>
<div class="lb-trans"><p><strong>Salesforce 的股票年初至今下跌约 28%</strong>，过去 12 个月大约下跌 35%。最初，部分担忧来自于其估值，但随着股价的暴跌，估值已经下降。</p>
</div><p>One of the main <strong>concerns about Salesforce has been it decelerating revenue</strong> which is tracking to be in the high-single digits in terms of percentage gain. In previous years, the company had double digit revenue growth. Earnings growth has been strong, but that is largely due to efficiency improvements.</p>
<div class="lb-trans"><p>关于 Salesforce 的主要 <strong>担忧之一是其收入增速放缓</strong>，预计增幅将在高个位数百分比。过去几年，该公司的收入增长为两位数。盈利增长强劲，但主要归功于效率的提升。</p>
</div><p>The decelerating revenue could in part be due to macro challenges that its customers are facing, leading to <strong>lower enterprise spending</strong>. But also, there is some question as to whether Salesforce’s <strong>massive spending on its agentic AI</strong> through investments and acquisition is paying off – or paying off fast enough. Agentforce, the agentic AI initiative is basically autonomous chatbot agents helping out customers.</p>
<div class="lb-trans"><p>收入增速放缓部分可能是由于其客户面临的宏观挑战，导致 <strong>企业支出减少</strong>。此外，还有人质疑 Salesforce 在其代理 AI 上的 <strong>巨额支出</strong> 是否值得——或者是否回报得足够快。Agentforce 是一个代理 AI 项目，基本上是帮助客户的自主聊天机器人代理。</p>
</div><p>Adoption has been viewed by many investors and analysts as slower than expected since it rolled last year. But is that starting to change?</p>
<div class="lb-trans"><p>自去年推出以来，许多投资者和分析师认为其采用速度低于预期。但这种情况是否开始改变？</p>
</div><h2>Earnings beat and guidance raise</h2>
<div class="lb-trans"><h2>盈利超预期和指引上调</h2>
</div><p>Salesforce released its earnings Wednesday after the market closed and showed <strong>some signs that it may be turning the corner</strong>.</p>
<div class="lb-trans"><p>Salesforce 在周三市场收盘后发布了其财报，显示出 <strong>可能正在转变的迹象</strong>。</p>
</div><p><strong>Revenue rose about 9%</strong> year-over-year to $10.3 billion, which was in line with analysts’ expectations.</p>
<div class="lb-trans"><p><strong>收入同比增长约 9%</strong>，达到 103 亿美元，符合分析师的预期。</p>
</div><p><strong>Net income jumped 40%</strong> to $2.1 billion, or $2.19 per share. Adjusted net income was $3.1 billion, or $3.25 per share, which easily beat estimates of $2.86 per share.</p>
<div class="lb-trans"><p><strong>净收入跃升 40%</strong>，达到 21 亿美元，或每股 2.19 美元。调整后的净收入为 31 亿美元，或每股 3.25 美元，轻松超过 2.86 美元的预期。</p>
</div><p>While these results were strong, investors were more impressed with its pipeline and outlook.</p>
<div class="lb-trans"><p>尽管这些结果强劲，但投资者对其管道和前景更为印象深刻。</p>
</div><p>It has a <strong>remaining performance obligation of $59.5 billion</strong>, which is contracts signed but not yet fulfilled. That’s up 12% year-over-year. The current RPO, which will be fulfilled within 12 months, is up 11% to $29.4 billion.</p>
<div class="lb-trans"><p>它的 <strong>剩余履约义务为 595 亿美元</strong>，即已签署但尚未履行的合同。这比去年增长了 12%。当前的 RPO 将在 12 个月内履行，增长 11%，达到 294 亿美元。</p>
</div><p>Also, the firm also <strong>raised its guidance for the fourth quarter and full fiscal year</strong>.</p>
<div class="lb-trans"><p>此外，该公司还 <strong>上调了第四季度和整个财政年度的指引</strong>。</p>
</div><blockquote>
<p>We are raising fiscal year 2026 revenue guidance to $41.45 billion to $41.55 billion, and Q3 cRPO was exceptional, up 11% year-over-year at $29.4 billion, signaling a powerful pipeline of future revenue,” Marc Benioff, chair and CEO of Salesforce, said. “Our Agentforce and Data 360 products are the momentum drivers, hitting nearly $1.4 billion in ARR—an explosive 114% year-over-year gain.”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>我们将 2026 财年的收入指引上调至 414.5 亿美元至 415.5 亿美元，第三季度的 cRPO 表现出色，同比增长 11%，达到 294 亿美元，显示出未来收入的强大管道，” Salesforce 的董事长兼首席执行官 Marc Benioff 表示。“我们的 Agentforce 和 Data 360 产品是推动增长的动力，年经常性收入接近 14 亿美元——同比增长 114%。”</p>
</blockquote>
</div><p>Benioff said the company has more than 9,500 paid Agentforce deals and processed some 3.2 trillion tokens, which basically refers to information processed.</p>
<div class="lb-trans"><p>Benioff 表示，公司拥有超过 9500 个付费的 Agentforce 交易，并处理了约 3.2 万亿个令牌，这基本上指的是处理的信息。</p>
</div><h2>Analysts are bullish</h2>
<div class="lb-trans"><h2>分析师看好</h2>
</div><p>The firm is targeting $60 billion in revenue by 2030, driven by continued Agentforce adoption. As of the end of the last fiscal year it had about $38 billion in revenue.</p>
<div class="lb-trans"><p>该公司目标到 2030 年实现 600 亿美元的收入，推动因素是 Agentforce 的持续采用。截至上一个财政年度末，其收入约为 380 亿美元。</p>
</div><p>Salesforce stock was up about 2% in early trading on Thursday and it got a few modest price target upgrades from analysts. The <strong>most bullish is Deutsche Bank, which raised its target to $360 per share</strong> on the agentic AI momentum. Also, <strong>Northland raised its target</strong>, but it is much lower at $267 per share.</p>
<div class="lb-trans"><p>Salesforce 的股票在周四早盘上涨约 2%，并获得了一些分析师的适度目标价上调。<strong>最看好的分析师是德意志银行，将目标价上调至每股 360 美元</strong>，基于代理 AI 的增长势头。此外，<strong>Northland 也上调了目标价</strong>，但较低，为每股 267 美元。</p>
</div><p>Overall, Wall Street is generally bullish, with a <strong>median price target of $330 per share</strong>, which suggests 36% upside. The stock’s valuation has come way down with a P/E of 31 and a forward P/E of 18.</p>
<div class="lb-trans"><p>总体而言，华尔街普遍看好，<strong>中位目标价为每股 330 美元</strong>，这意味着有 36% 的上涨空间。该股的估值大幅下降，市盈率为 31，未来市盈率为 18。</p>
</div><p>Has Salesforce turned the corner on a difficult 2025? It’s hard to say with certainty, but the Q3 earnings report indicates that it is <strong>headed in the right direction</strong>. And rates moving lower could help to facilitate more enterprise spending and investment.</p>
<div class="lb-trans"><p>Salesforce 是否在艰难的 2025 年转变了局面？很难确定，但第三季度的财报表明它 <strong>朝着正确的方向前进</strong>。而利率的下降可能有助于促进更多的企业支出和投资。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多来自此作者的文章：</em></p>
</div><p>Up 60% YTD, Dollar General Stock Continues To Churn Higher</p>
<div class="lb-trans"><p>年初至今上涨 60%，Dollar General 股票持续上涨</p>
</div><p>American Eagle Stock Soars 16%, Outlook Up On Record Black Friday</p>
<div class="lb-trans"><p>American Eagle 股票飙升 16%，因创纪录的黑色星期五而上调前景</p>
</div><p>Here’s Why Tesla And Robotics Stocks Are Rising</p>
<div class="lb-trans"><p>这就是特斯拉和机器人股票上涨的原因</p>
</div>

赛富时的股票能否扭转颓势？