The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Keith Weiss - Morgan Stanley & Co Ltd - Analyst
: Excellent. Thank you guys for taking questions. Congratulations on real quarter. And also great to see you guys putting your money where
your mouth is and the accelerated share buybacks, expressing your conviction and sort of the value of Salesforce's stock where it is.
I had a question for Miguel and trying to sort of tap into your experience in talking to these large customers because there's still a very big
mismatch in the marketplace in terms of what we hear from investors in terms of the expectation that generative AI is going to be injurious
to the SaaS-based application layer that enterprise customers are going to try to build their own functionality or going to try to replace
solutions like Salesforce with DIY solutions that they can build around these models, versus what we're seeing in the inflection in your
business. So can you talk to us a little bit about what you're hearing from customers in their applicator or a desire, if they have one of building
out their own applications versus going to a vendor like Salesforce to try to get to this generative AI functionality or capabilities?
Question: Raimo Lenschow - Barclays Services Corp - Analyst
: Michael, can I stay on that subject a little bit? You've been expanding the sales -- your sales rep quite a bit, and that's still part of the plan.
How do you think about the ramping of those? And how do you also think about productivity for those extra reps coming on? Thank you.
Question: Brad Zelnick - Deutsche Bank AG - Analyst
: Great. Thanks so much, and my congrats on an amazing quarter. Marc, at this point, even without Informatica and now more so with it, you
have one of the largest infrastructure businesses in all of software, well over $10 billion in scale. What Salesforce's competitive advantage
in infrastructure? And how do you not only get credit for it in its own right but leverage these core capabilities to drive the overall company's
success?
Question: Brent Thill - Jefferies LLC - Analyst
: Great. Marc, the halo effect the Agentforce is having. I mean it seems that sales and service were stable at high single-digit growth, Slack
accelerated growth. Can you just speak to what you think this is doing for your other clouds and maybe even drilling them the slack
resurgence?
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DECEMBER 03, 2025 / 10:00PM, CRM.N - Q3 2026 Salesforce Inc Earnings Call
Question: Kirk Materne - Evercore Inc - Analyst
: Congrats on the momentum around Agentforce. Miguel, I think this one's for you. When Agentforce first came out, there was a lot of questions
from partners, customers about pricing, just confusion, trying to get a handle on that. It seems with the momentum, people are more
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DECEMBER 03, 2025 / 10:00PM, CRM.N - Q3 2026 Salesforce Inc Earnings Call
comfortable with that. And sort of the second part of there's still a lot of concern among investors about as Agentforce helps customers
maybe keep headcount stable or even lower headcount in certain areas.
How does Salesforce monetize in that kind of situation. And I was wondering if you could just touch upon that a little bit because I think that
would be helpful to people to understand how AOV grows even in, say, a stable or declining headcount situation.
Question: Brad Sills - Bofa Merrill Lynch Asset Holdings Inc - Analyst
: Wonderful. Marc, a question for you. I remember at the analyst meeting that we had at Dreamforce. You referred to some efforts to kind of
get back to the basics and in the sales channel in pipeline. I think you had mentioned that there were -- the leads were there, but you weren't
watering the leads or the seeds were there, you weren't watering the seeds.
I would love it if you could elaborate on that effort to kind of focus back on kind of back to the basics lead generation -- what impact that
has had on the pipeline. Thank you so much.
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DECEMBER 03, 2025 / 10:00PM, CRM.N - Q3 2026 Salesforce Inc Earnings Call
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