Jim Cramer interviewed Salesforce CEO Marc Benioff about the company’s earnings, buyback, and AI/agentic products. Benioff argued the market is missing the scale of Salesforce’s current business and the payoff from Agentforce, Slack, and Tableau, while Cramer kept pressing on the stock’s weakness, backlog concerns, and whether AI is actually pressuring software multiples.
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This is a straightforward CNBC interview centered on Salesforce’s latest earnings reaction and Benioff’s case that the stock is mispriced. Cramer opens by framing the disconnect: Salesforce posted better-than-expected revenue growth and a large EPS beat, but the stock did not rally in after-hours trading, possibly because remaining performance obligation came in light and raised questions about customer contract duration. Benioff’s core answer is that the market is overreacting to a “SAS apocalypse” narrative that he thinks has not materialized. Benioff’s main defense is operational strength. He says revenue rose 14% year over year, this was Salesforce’s first $11 billion quarter, and the company is seeing record large transactions and improving attrition trends. …
Tactically, the stock looks supported by the buyback and strong reported quarter, but traders will likely keep fading rallies until backlog and guide credibility are digested.
Over the next few months, the setup depends on whether Agentforce and second-half guidance convert into visible operating acceleration; if they do, the stock can re-rate, and if not, the market may keep treating the AI story as narrative-heavy.
Structurally, Benioff is arguing that Salesforce is evolving into an agentic AI platform layered across enterprise workflows, which would make AI a monetization tailwind rather than an existential threat. The long-term bear case remains that AI-native software could still erode legacy SaaS pricing power, but that is a future regime question rather than an immediate one.
Salesforce posted 14% year-over-year revenue growth and its first $11 billion quarter.
Benioff cites the quarter as unusually strong and emphasizes the revenue milestone.
The EPS beat was materially aided by share repurchases, which Benioff presents as a deliberate capital-allocation choice.
He explicitly says the strong EPS numbers are mostly because of the buyback.
Agentforce revenue is now over $1 billion and is being deployed across Salesforce’s product suite.
Benioff repeatedly highlights Agentforce as a major growth and adoption driver.
Help me understand the disconnect between a stock that looks like it's down and what I see as very big numbers from Salesforce's earnings.
Marc Benioff says it's the 'SAS apocalypse' — everyone is worried about AI disruption. But he highlights a fantastic quarter with 14% year-over-year revenue growth, their first $11 billion quarter.
What's the point of buying back stock if the stock keeps dropping?
Benioff says Salesforce is probably the greatest opportunity to return value to investors. The buyback drove Q1 GAAP diluted EPS of $2.42 (up 52% YoY) and non-GAAP diluted EPS of $3.88 (up 50% YoY).
Are you happy with how Agent Force is going, and can you explain the tokens method?
Benioff says Agent Force revenues are now over a billion dollars, and it's embedded across all products from sales to service. Agent Force co-worker lets customers work with it directly.
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