Salesforce Splurges $27 Billion on Record Stock Buybacks

Salesforce spent a record $27.1 billion on buying back its own stock in Q1, according to The Globe and Mail.

The company's aggressive share repurchasing program was partly in response to valuation pressures affecting its stock, which had been hit hard by the 'SaaS apocalypse' narrative.

Salesforce continued to buy back shares in Q2, reducing its net share count by nearly 50 million.

The company's confidence in its market position appears to have been vindicated by a huge earnings beat in Q2, with non-GAAP earnings per share of $5.90 crushing the average analyst estimate of $3.27.