$Salesforce(CRM.US) 4QF25 Quick Interpretation: The leading stocks in the SaaS and AI Agent concept, Salesforce, did not perform well this quarter. Nearly all key indicators for the quarter fell slightly short of expectations, specifically:

1) First, on the growth side, revenue growth for all business lines except for platform cloud slowed down quarter-over-quarter and fell short of expectations, dragging total revenue growth to 7.6% vs. the expected 8.1%,

2) In addition, expenses were nearly $300 million higher than expected, which also dragged down operating profit under GAAP, falling below expectations. This was mainly due to the impact of approximately $300 million in business restructuring costs recognized this quarter. Although net profit exceeded expectations, it was primarily due to lower tax expenses this quarter. Overall, profits under GAAP were not good either.

3) On the guidance front, the company expects revenue growth of about 6.6% next quarter, lower than the expected 8.5%. The guidance for the median diluted EPS under GAAP is $1.5, also lower than the expected 1.66. Both revenue and profit guidance performed poorly.

4) The only bright spot is cRPO (contracted but not yet recognized revenue), which is a leading indicator reflecting future revenue growth, performed relatively well, growing 9.4% this quarter, with expectations for next quarter's growth at about 10%, showing slight acceleration and slightly better than expected.