TMTB: CRM First take

CRM -4%: Q1 and FY top line guide weaker but cRPO Q1 guide better. FY OPM guide inline at 34%

Top line guide (FY 7-8% growth vs bogey closer to 9%) will be main area of contention (although a conservative guide was expected) but bulls will like Q4 cRPO 11% cc vs bogeys of 10%+ and Q1 cRPO guide came in better at 10% vs bogeys of 9.5% and street at 9%. Not surprising to see stock down a bit, but so far story remains intact - Benioff likely to be pretty bullish on the call.