Informatica

As the legacy SaaS bellwether under pressure from the 'AI replacement' narrative, $Salesforce(CRM.US) reported FY27 Q1 (ended Apr.) after the U.S. close on May 28. Overall, the print was muted.

The quarter was fine, with most metrics roughly in line with the Street. There was little to flip the narrative.

Forward guide skewed soft. With no clear sign of revenue re-acceleration, management trimmed the margin outlook.

Specifically: 1) Growth remains uneventful. Core subscription revenue was approx. $10.6bn, up 12% YoY on a CC basis...

Below is Dolphin Research's Trans of $Salesforce(CRM.US) FY26 Q4 earnings call.

Key takeaways recap

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.

GPM continued to decline under pressure, and opex rose meaningfully across the board.

Another key metric, cRPO (current remaining performance obligations), also grew slower than buy-side expectations, leading to a negative market reaction...