Salesforce Earnings Preview: Can Agentforce Momentum Drive Growth?

As Salesforce prepares to report its fiscal Q2 results after market close on Wednesday, investors are keeping an eye on the company's momentum in Agentforce AI platform and Slack. According to Truist Securities, the Agentforce platform is showing triple-digit annual recurring revenue growth, which could be a lead indicator for faster organic growth later this year.

Truist expects a steady quarter overall, but notes that softer spots such as Marketing Cloud, Commerce Cloud, and Tableau are still weighing on growth. However, it believes the parts that held up in fiscal Q1 will remain resilient in Q2, including product updates coming out of Slack.

The bigger focus is on Agentforce and Data 360, Salesforce's AI tools and customer data platform. FactSet's consensus calls for $11.33 billion in revenue and non-GAAP earnings per share of $3.27, while Truist thinks Agentforce can keep posting triple-digit annual recurring revenue growth after roughly 200% growth in fiscal Q1.

Truist argues that early adoption shows up first in bookings and annual recurring revenue, but reported sales tend to follow with a lag because software contracts are recognized over time. This is why it pencils in organic growth of about 6% year over year in Q2, followed by a clearer pickup in the second half and an exit rate near 9.5% if adoption turns into signed commitments for premium Agentforce add-ons in sales and service.