Salesforce Stock Surges 23%, Ticks Higher on AI Adoption and Revenue Growth

Salesforce stock rose by 23% this week, reaching $258 per share, after its fiscal second-quarter results and a deeper partnership with Anthropic shifted investor views on generative AI's impact on traditional enterprise software.

The surge was driven by stronger bookings, accelerating AI adoption, and higher revenue guidance, which gave investors clearer evidence of business growth reacceleration. Revenue increased 11% year over year to $11.3 billion, with current remaining performance obligations reaching $33.5 billion, up 14%. Agentforce, Salesforce's platform for AI agents, and Data 360, which brings enterprise data together for those agents, combined annual recurring revenue reached nearly $3.9 billion, up more than 210%.

Salesforce Deputy CFO Michael Spencer said Q2 bookings exceeded internal expectations by a wide margin, with record net new annual order value supporting management's expectation for organic growth to accelerate through the second half. Wall Street reinforced the rebound with a broad wave of post-earnings target increases, with Barclays raising its target to $276 from $236.