Salesforce Growth Rebound Still Elusive, Jefferies Says

Salesforce investors are bracing for the company's fiscal second-quarter results, which Jefferies expects to be in line with expectations. However, the bank notes that lingering questions remain about whether growth can reaccelerate in the back half of the year.

A proprietary Jefferies survey of 20 Salesforce partners found that 70% are at or above plan for the quarter, with 35% finishing at plan and 35% above. Several tracked metrics did tick down from prior quarters, though, and Jefferies noted that Salesforce has been bringing more go-to-market functions in-house.

Partners broadly expect stable growth of about 10% in 2026 on a weighted-average basis. Agentforce adoption softened during the quarter, with 20% of partners reporting double-digit adoption of the AI product, down from 55% in the prior quarter.