TMTB: CRM First Takes

CRM +4%: Looks ok as Q1 cRPO beats at 11% vs street at 10% and bogeys of 10.5%-11%, but Q2 cRPO only 9% vs street at 9.2% cc and bogeys closer to 9-10%…revs better but margins a bit lighter

Given low expectations and sentiment this should be fine given the better Q1 revs/cRPO/subscription revs, but not exactly clean: worse operating margins and a Q2 cRPO guide that has dipped to single digits for the first time not exactly comforting. Benioff will likely sound good on the call around Agentforce.