Preview|CRM 1Q25:Revenue May Inline With Guidance; No Clear Acceleration in AgentForce

Channel Checks, Agentforce, New Flex Credits Model and Informatica

In our previous IT Spending 1Q25 report, we conducted detailed research on SAP, CRM, NOW, and WDAY. In fact, the actual performance of SAP, NOW, and WDAY closely aligned with our research findings.

Deep|Global IT Budgets Under Pressure: Macro Uncertainty, AI Momentum, and the Rise of Digital Sovereignty

Channel Checks Indicate Macro Headwinds; Revenue Still Likely to Land Within Guidance, But FY Outlook May Be Tough to Raise

Based on recent channel feedback, Salesforce continues to experience macro-driven headwinds, resulting in slower growth momentum. We believe Q1 revenue is likely to come in within the guided range, though Q2 guidance is expected to remain conservative. Management may find it challenging to raise the full-year outlook.

Macro Impacts Broadly Felt; Service Cloud Performing Best