<p>Salesforce 在紐約證券交易所的股票代碼為 CRM，第三季度和全年收入指引令人失望，導致股價大幅回調，科技投資者將希望藉此機會。令人失望是一個相對的術語；在這種情況下，它意味着指引符合預期：持續的兩位數增長、利潤率強勁和穩健的現金流推動了資本回報。</p>
<p>資本回報是長期科技投資者感興趣的原因之一，股票價格前景強勁。壞消息是，令人失望的指引和對分析師情緒的影響可能會使股價在今年晚些時候保持壓力。</p>
<p>Salesforce 支付的股息微不足道，年化收益率不足 0.7%，而股票交易接近長期低點。回報的更大部分來自股票回購，金額是其五倍以上。</p>
<p>第二季度的關鍵要點是，<strong>回購使股票數量平均減少了超過 1.1%</strong>，年初至今減少了 1.35%，預計在不久的將來將以類似的速度繼續進行——如果不增加的話。公司的增長前景、現金流和價值 200 億美元的新董事會授權可能會加快這一速度。後者將剩餘配額提升至 500 億美元，足以在未來五年內維持第二季度的回購速度。</p>
<h2>Salesforce 第二季度的強勁表現被謹慎的指引所掩蓋</h2>
<p>Salesforce 在第二季度表現強勁，收入增長 9.8%，按固定匯率計算增長 9%。其收入超過 MarketBeat 報告的共識約 100 個基點，數據雲和人工智能領域表現強勁。主要類別的訂閲和支持增長了 11%，按固定匯率計算增長 9%，而數據雲和人工智能這兩個增長支柱則增長了 120%。</p>
<p>利潤率是投資者應關注的另一個強勁領域。公司盈利增長，毛利率和營業利潤率不斷擴大。最終結果是淨收入增加 30 個基點，達到收入的 18%，在底線表現上超出預期。</p>
<p><strong>調整後的每股收益為 2.91 美元，超出預期十美分以上</strong>，預計這種強勁勢頭將持續到年底。儘管收入指引平淡，符合預期，但盈利指引已改善至高於共識的範圍，預計第四季度將表現強勁。</p>
<p>其中一個關鍵細節是 <strong>自由現金流增長 12% 的預測</strong>，處於目標範圍的中點。</p>
<p>Salesforce 的資產負債表突顯了業務的強勁和 <strong>資本回報的可靠性</strong>。截至第二季度末，亮點包括堡壘級的槓桿比率、相對於長期債務的淨現金頭寸，以及儘管進行了激進的回購，股本仍在上升。</p>
<p>股本小幅上升，而庫藏股增加了 25%，超過 240 億美元。</p>
<h2>Salesforce 分析師下調目標：圍繞共識的範圍縮小</h2>
<p>Salesforce 分析師在第二季度發佈和指引更新後下調了價格目標，但不要過於解讀這些變動。下調縮小了圍繞共識價格目標的範圍，預計從關鍵支撐目標上有 35% 的上漲空間。</p>
<p>同樣，今年的機構活動強勁，表明在 9 月份的交易水平附近和分析師目標範圍的低端有 <strong>堅實的支撐</strong>。</p>
<p>在更新後，CRM 的價格走勢回調，但本月不太可能延續這一走勢。股價接近分析師目標範圍的低端和多次確認的支撐目標，為市場反彈奠定了基礎。</p>
<p>最大的風險是 CRM 的股價將無限期徘徊在當前水平附近。然而，由於增長和資本回報的前景，這種情況不太可能發生。問題在於股價將在低位徘徊多久，才能重新激發分析師的情緒並開始反彈。</p>
<p>最可能的催化劑是第三季度的財報，預計將在 12 月初公佈。</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20250904090746_chart-crm-942025.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20250904090746_chart-crm-942025.png"/></p>
<h2>你現在應該投資 1000 美元在 Salesforce 嗎？</h2>
<p>在考慮 Salesforce 之前，你需要聽聽這個。</p>
<p>MarketBeat 每天跟蹤華爾街頂級評級和表現最佳的研究分析師及其推薦給客户的股票。MarketBeat 已識別出五隻股票，頂級分析師正在悄悄地向客户推薦在更廣泛的市場注意到之前立即購買……而 Salesforce 並不在名單上。</p>
<p>雖然 Salesforce 目前在分析師中獲得了中等買入評級，但頂級分析師認為這五隻股票更值得購買。</p>
<p>在這裏查看這五隻股票</p>

賽富時

<p>Salesforce 第二季度的業績顯示出 9.8% 的收入增長，但其第三季度的指引讓投資者失望，導致股價回調。儘管如此，該公司仍保持強勁的現金流和利潤增長，並獲得了 200 億美元的回購授權。分析師們已下調了目標價，但仍認為有 35% 的上漲潛力。該股接近關鍵支撐位，暗示在 12 月的第三季度財報發佈前可能會反彈。儘管當前市場壓力，長期投資者可能會發現 Salesforce 在人工智能和資本回報方面具有吸引力</p>

<p>Salesforce’s NYSE: CRM Q3 and full-year revenue guidance were underwhelming, sparking a significant pullback in the share price that technology investors will want to take advantage of. Underwhelming is a relative term; in this case, it means that the guidance was as expected: sustained double-digit growth, margin strength, and robust cash flow drove its capital return.</p>
<div class="lb-trans"><p>Salesforce 在紐約證券交易所的股票代碼為 CRM，第三季度和全年收入指引令人失望，導致股價大幅回調，科技投資者將希望藉此機會。令人失望是一個相對的術語；在這種情況下，它意味着指引符合預期：持續的兩位數增長、利潤率強勁和穩健的現金流推動了資本回報。</p>
</div><p>The capital return is among the reasons why long-term tech investors will be interested, and the stock price outlook is strong. The bad news is that the underwhelming guidance and impact on analyst sentiment may keep the stock price under pressure until later in the year.</p>
<div class="lb-trans"><p>資本回報是長期科技投資者感興趣的原因之一，股票價格前景強勁。壞消息是，令人失望的指引和對分析師情緒的影響可能會使股價在今年晚些時候保持壓力。</p>
</div><p>Salesforce pays a token dividend that annualizes to less than 0.7% with the stock trading near long-term lows. The more significant portion of the return is share buybacks, which amount to more than five times as much on a dollar basis.</p>
<div class="lb-trans"><p>Salesforce 支付的股息微不足道，年化收益率不足 0.7%，而股票交易接近長期低點。回報的更大部分來自股票回購，金額是其五倍以上。</p>
</div><p>The critical takeaways from Q2 are that the <strong>buybacks reduced the count</strong> by more than 1.1% on average for the quarter and 1.35% year-to-date, and they are expected to continue at a similar pace—if not increase—in the near future. The company’s growth outlook, cash flow, and new board authorization worth $20 billion may increase that pace. The latter lifted the remaining allotment to $50 billion, sufficient to sustain the Q2 rate for the next five years.</p>
<div class="lb-trans"><p>第二季度的關鍵要點是，<strong>回購使股票數量平均減少了超過 1.1%</strong>，年初至今減少了 1.35%，預計在不久的將來將以類似的速度繼續進行——如果不增加的話。公司的增長前景、現金流和價值 200 億美元的新董事會授權可能會加快這一速度。後者將剩餘配額提升至 500 億美元，足以在未來五年內維持第二季度的回購速度。</p>
</div><h2>Salesforce Q2 Strength Overshadowed by Cautious Guidance</h2>
<div class="lb-trans"><h2>Salesforce 第二季度的強勁表現被謹慎的指引所掩蓋</h2>
</div><p>Salesforce had a solid quarter in Q2 with revenue growing by 9.8% as reported and 9% on a constant currency basis (CC). The top-line exceeded MarketBeat’s reported consensus by approximately 100 basis points, with strength seen in Data Cloud and AI segments. Subscriptions and Support, the primary category, grew by 11% and 9% CC, while Data Cloud and AI, the growth pillars, advanced by 120%.</p>
<div class="lb-trans"><p>Salesforce 在第二季度表現強勁，收入增長 9.8%，按固定匯率計算增長 9%。其收入超過 MarketBeat 報告的共識約 100 個基點，數據雲和人工智能領域表現強勁。主要類別的訂閲和支持增長了 11%，按固定匯率計算增長 9%，而數據雲和人工智能這兩個增長支柱則增長了 120%。</p>
</div><p>Margin is another area of strength that investors should focus on. The company is growing profitably and widening its gross and operating margins. The net result is a 30 basis point increase in net income to 18% of revenue and outperformance on the bottom line.</p>
<div class="lb-trans"><p>利潤率是投資者應關注的另一個強勁領域。公司盈利增長，毛利率和營業利潤率不斷擴大。最終結果是淨收入增加 30 個基點，達到收入的 18%，在底線表現上超出預期。</p>
</div><p>The <strong>adjusted EPS of $2.91 is more than a dime above forecasts</strong>, and strength is expected to continue through the year’s end. Although the revenue guidance was tepid, coming in as expected, the earnings guidance was improved to a range above consensus, with strength anticipated in Q4.</p>
<div class="lb-trans"><p><strong>調整後的每股收益為 2.91 美元，超出預期十美分以上</strong>，預計這種強勁勢頭將持續到年底。儘管收入指引平淡，符合預期，但盈利指引已改善至高於共識的範圍，預計第四季度將表現強勁。</p>
</div><p>Among the critical details is a forecast for <strong>12% free cash flow growth</strong> at the midpoint of the target range.</p>
<div class="lb-trans"><p>其中一個關鍵細節是 <strong>自由現金流增長 12% 的預測</strong>，處於目標範圍的中點。</p>
</div><p>Salesforce’s balance sheet underscores the business strength and <strong>reliability of the capital return</strong>. At the end of Q2, the highlights include fortress-quality leverage ratios, a net cash position relative to long-term debt, and rising equity despite the aggressive buybacks.</p>
<div class="lb-trans"><p>Salesforce 的資產負債表突顯了業務的強勁和 <strong>資本回報的可靠性</strong>。截至第二季度末，亮點包括堡壘級的槓桿比率、相對於長期債務的淨現金頭寸，以及儘管進行了激進的回購，股本仍在上升。</p>
</div><p>Equity is up incrementally, while treasury shares increased by 25% to over $24 billion.</p>
<div class="lb-trans"><p>股本小幅上升，而庫藏股增加了 25%，超過 240 億美元。</p>
</div><h2>Salesforce Analysts Trim Targets: Range Narrows Around the Consensus</h2>
<div class="lb-trans"><h2>Salesforce 分析師下調目標：圍繞共識的範圍縮小</h2>
</div><p>Salesforce analyst are lowering their price targets following the Q2 release and guidance update, but don’t read too much into the movements. The reductions narrow the range around the consensus price target, which forecasts a 35% upside from critical support targets.</p>
<div class="lb-trans"><p>Salesforce 分析師在第二季度發佈和指引更新後下調了價格目標，但不要過於解讀這些變動。下調縮小了圍繞共識價格目標的範圍，預計從關鍵支撐目標上有 35% 的上漲空間。</p>
</div><p>Likewise, the institutional activity is robust this year and suggests <strong>solid support</strong> near September trading levels and the low-end of the analysts' target range.</p>
<div class="lb-trans"><p>同樣，今年的機構活動強勁，表明在 9 月份的交易水平附近和分析師目標範圍的低端有 <strong>堅實的支撐</strong>。</p>
</div><p>CRM’s price action pulled back following the update, but is unlikely to extend the move this month. The stock price is near the low end of the analysts' target range and support targets that have been confirmed numerous times, setting this market up to rebound.</p>
<div class="lb-trans"><p>在更新後，CRM 的價格走勢回調，但本月不太可能延續這一走勢。股價接近分析師目標範圍的低端和多次確認的支撐目標，為市場反彈奠定了基礎。</p>
</div><p>The most significant risk is that CRM’s stock price will wallow near current levels indefinitely. However, that is not expected due to the growth and capital return outlook. The question is how long the stock will linger near its lows before analyst sentiment is reinvigorated and the rebound begins.</p>
<div class="lb-trans"><p>最大的風險是 CRM 的股價將無限期徘徊在當前水平附近。然而，由於增長和資本回報的前景，這種情況不太可能發生。問題在於股價將在低位徘徊多久，才能重新激發分析師的情緒並開始反彈。</p>
</div><p>The most likely catalyst is the Q3 earnings results, which aren’t due until early December.</p>
<div class="lb-trans"><p>最可能的催化劑是第三季度的財報，預計將在 12 月初公佈。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20250904090746_chart-crm-942025.png" alt="" original-src="https://www.marketbeat.com/logos/articles/med_20250904090746_chart-crm-942025.png"/></p>
<h2>Should You Invest $1,000 in Salesforce Right Now?</h2>
<div class="lb-trans"><h2>你現在應該投資 1000 美元在 Salesforce 嗎？</h2>
</div><p>Before you consider Salesforce, you'll want to hear this.</p>
<div class="lb-trans"><p>在考慮 Salesforce 之前，你需要聽聽這個。</p>
</div><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Salesforce wasn't on the list.</p>
<div class="lb-trans"><p>MarketBeat 每天跟蹤華爾街頂級評級和表現最佳的研究分析師及其推薦給客户的股票。MarketBeat 已識別出五隻股票，頂級分析師正在悄悄地向客户推薦在更廣泛的市場注意到之前立即購買……而 Salesforce 並不在名單上。</p>
</div><p>While Salesforce currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>雖然 Salesforce 目前在分析師中獲得了中等買入評級，但頂級分析師認為這五隻股票更值得購買。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>在這裏查看這五隻股票</p>
</div>

賽富時出現失誤，但投資者期待其強勢迴歸