Salesforce shares climb 3.6% on AI growth, $27.5B buyback

Salesforce stock rose 3.6% on renewed investor appetite for the company's combined AI growth and capital return story. The driver was not a single same-day filing but rather a reappraisal of the company's fundamentals after delivering first-quarter fiscal 2027 results that showed revenue of $11.1 billion（約1.8兆円）, up 13% year over year, alongside raised full-year revenue guidance. Within those results, Agentforce—Salesforce's AI agent product—generated about $1.2 billion（約1900億円） in annual recurring revenue for the quarter, while combined AI and data annual recurring revenue reached nearly $3.4 billion（約5400億円）, underscoring the breadth of the company's AI monetization. Alongside the earnings beat, Salesforce announced it would return $27.5 billion（約4.4兆円） to shareholders in the quarter, including a $25 billion（約4兆円） accelerated share repurchase program designed to reduce share count materially and support valuation. In a further sign of active deal-making, the company agreed to acquire Fin for about $3.6 billion（約5800億円）, a move Salesforce said would strengthen its agent technology; notably, the company stated the deal would not change fiscal 2027 guidance, suggesting disciplined capital allocation. Together, these elements—strong AI revenue growth, a substantial capital return program, and strategic M&A—gave investors reason to revisit Salesforce after a period when software valuations had come under pressure.

Salesforce's 3.6% stock gain reflects a confluence of three investor narratives coming back into focus. First, the company's first-quarter fiscal 2027 results demonstrated sustained revenue growth at 13% year over year alongside meaningful expansion in its AI business—Agentforce and combined AI and data annual recurring revenue reached $1.2 billion（約1900億円） and nearly $3.4 billion（約5400億円） respectively. This outcome validated the company's AI strategy after a period when software stocks faced broader headwinds. Second, the $27.5 billion（約4.4兆円） capital return program, centered on a $25 billion（約4兆円） accelerated share repurchase, offers near-term valuation support by materially reducing share count and demonstrating management's confidence in the stock price. Third, the agreement to acquire Fin for about $3.6 billion（約5800億円） kept the AI narrative active by signaling continued investment in agent technology without disrupting full-year guidance—a signal of disciplined M&A execution rather than aggressive overextension.

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