Salesforce 1QFY Update Agentforce and Headless CRM

Salesforce delivered a strong 1Q with a significant EPS beat, though it slightly lowered short-term guidance. Goldman maintains a Buy rating, focusing on Headless CRM and Agentforce as core drivers for fiscal 2027 growth.

Key Takeaways

• 1.Salesforce 1Q EPS beat Street estimates by 24%, driven by higher EBIT margins (135bps above Street) and a lower share count.
• 2.The introduction of 'Headless CRM' allows agents to pull data directly from the tech stack, bypassing the traditional UI and potentially expanding the market.
• 3.Strong momentum is noted in Agentforce, with top customers spending 1.5x more over the last year.

Table of Contents

• Earnings Recap
• Valuation and Key Risks
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Ratings, coverage universe and related definitions
• General disclosures

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