Salesforce Spends Record $27.1 Billion on Buybacks Amid AI Fears

Salesforce has been aggressively buying back its own stock, spending a record $27.1 billion on repurchases in Q1 alone.

The company continued to repurchase and retire shares in Q2, with huge gains for the stock following the company's report showing this was a smart move.

Salesforce has been a battleground stock over the last year, with some investors worried about its business being disrupted by artificial intelligence.

Partially in response to valuation pressures affecting its stock, Salesforce moved forward with an aggressive share repurchasing program.

The company's confidence appears to have been vindicated, as it recorded non-GAAP earnings per share of $5.90 that crushed the average analyst estimate of $3.27.