Overview
- Shares fell nearly 17% after the company reported results that topped its targets and lifted its outlook.
- First‑quarter subscription revenue rose 22% to $3.67 billion, total revenue reached $3.77 billion, and cRPO grew 22.5% to $12.64 billion.
- Management guided second‑quarter subscription revenue to $3.815 billion to $3.82 billion, about 21% to 21.5% growth, noting Q1 faced a 75‑basis‑point hit from delayed Middle East deals and that some have since closed.
- CEO Bill McDermott called AI the company’s strongest tailwind and said AI commitments for this year increased to about $1.5 billion.
- The company announced a deeper partnership with Google Cloud to deliver new AI agents designed to automate operations for large enterprises.