US technology firm Salesforce (CRM:NYSE) finds itself at a critical juncture. The customer relationship management gorilla has been talking up the impact of its new autonomous AI agent for business customers AgentForce since its launch in October 2024, but the stock has remained dogged by slowing growth worries and changing market dynamics.

In 2025, the share price has lost 25% versus 10% gains for the S&P 500.

Salesforce needs to demonstrate a viable plan for revitalising growth, which has averaged 17% a year compounded revenue since 2020. Current consensus forecasts for the firm’s fiscal second quarter, due 3 September, imply just 9% topline growth.

First-quarter results at the end of May hinted at progress after the $237 billion company raised full year 2026 (to 31 January) guidance but it wasn’t enough to change the narrative around the stock.

‘Q1 results, while not game changing, point to a stable demand environment, with continued strength in the Agentforce new product cycle,’ wrote Citi analyst Tyler Radke.

Wall Street analysts remain supportive, with 43 of the 54 that cover the stock applying ‘buy’ ratings. The 12-month PE (price to earnings) multiple is close to all-time lows at 20.6 according to Stockopedia data. 

US UPDATES OVER THE NEXT 7 DAYS

QUARTERLY RESULTS

2 Sep: Zscaler

3 Sep: Campbell’s, Copart, Dollar Tree, Hewlett Packard, Salesforce 

4 Sep: Broadcom, Lululemon Athletica 

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