Marc Benioff's Salesforce Spent a Record $27 Billion on Stock Buybacks in a Single Quarter to Fight What He Calls the "SaaSpocalypse." Here's Why the Size of That Repurchase Matters.

Salesforce executed a record $27 billion stock buyback in Q1 (19% of market cap), signaling management confidence despite a 46% stock decline amid 'SaaSpocalypse' fears. The company's AI product Agentforce is scaling rapidly with $1.2B ARR (up 205% YoY) and surging usage metrics, suggesting AI is strengthening rather than disrupting the business. Total revenue beat consensus at $11B (+13% YoY) with strong free cash flow of $6.6B.