内容来源：https://techcrunch.com/2026/02/25/salesforce-ceo-marc-benioff-this-isnt-our-first-saaspocalypse/

内容总结：

Salesforce财报亮眼，CEO力驳“SaaS末日论”

当地时间周三，全球客户关系管理软件巨头Salesforce发布第四季度及全年财报，以强劲业绩和一系列股东回报举措，全力回应市场对人工智能（AI）浪潮可能颠覆其商业模式的担忧。

财报数据显示，Salesforce第四季度营收达107亿美元，同比增长13%；全年营收为415亿美元，同比增长10%，其中去年5月以80亿美元收购的数据管理公司Informatica贡献显著。全年净利润为74.6亿美元。公司对2025财年给出乐观指引，预计营收将达458亿至462亿美元，同比增长10%至11%。此外，其“剩余履约义务”金额超过720亿美元，预示未来收入潜力。

尽管业绩稳健，但近期以Salesforce为代表的软件即服务（SaaS）板块股价持续承压。市场担忧AI智能体的兴起可能冲击其按员工席位收费的传统模式，甚至出现“SaaS末日”的论调。这一话题在财报电话会议上被频繁提及，公司联合创始人兼首席执行官马克·贝尼奥夫至少六次提及该词。

“我们经历过不止一次所谓的‘末日’，”贝尼奥夫回应称，“即便真有‘SaaS末日’，它也可能被‘大脚怪’吃掉——因为现在有更多公司正在使用变得更强大的SaaS。”

为提振投资者信心，Salesforce宣布将季度股息提高近6%至每股0.44美元，并启动一项高达500亿美元的新股票回购计划。公司还别出心裁地改革了财报会议形式，融合了播客、信息广告与传统问答环节。贝尼奥夫亲自视频连线三家客户公司的CEO，包括SharkNinja、温德姆酒店及度假村以及行业媒体SaaStr，共同展示其AI智能体产品的应用成效。

在技术层面，Salesforce推出了衡量AI智能体效能的新指标“智能体工作单元”，旨在评估其是否完成写入记录等实际任务，而非仅计算文本生成的“令牌”量。同时，公司提出了自身的AI智能体架构愿景，强调以Salesforce为代表的SaaS软件将占据技术栈主导地位，而底层AI模型提供商将趋于标准化和可替换。

此举被视作对OpenAI此前发布企业智能体平台“Frontier”所引发担忧的直接回应。OpenAI的架构图景将其自身置于技术栈中心，而将Salesforce等数据记录系统置于底层。贝尼奥夫甚至在会议中以一身黑色皮衣亮相，呼应英伟达CEO黄仁勋的标志性装扮，似乎意在彰显其引领AI时代的决心。

通过此次财报，Salesforce试图向市场传递明确信息：在AI变革中，公司非但不会式微，反而将通过产品创新与架构定义，持续巩固其企业软件领域的核心地位。

中文翻译：

周三公布第四季度财报时，赛富时使出浑身解数向投资者证明，人工智能革命不会成为它的终结者。

赛富时本季度营收达107亿美元，同比增长13%，表现稳健。全年营收415亿美元，较上年增长10%。这两项业绩都得益于去年5月对数据管理公司Informatica的80亿美元收购。

净利润达到74.6亿美元，公司对来年给出了强劲指引，预计营收将在458亿至462亿美元之间，增幅达10%至11%。公司还表示其"剩余履约义务"金额超过720亿美元，该指标反映了已签约但尚未交付或确认为收入的合同金额。

然而，数字能说明的问题终究有限。以赛富时为代表的软件即服务类股票近期持续承压。投资者担心AI智能体的崛起将冲击这类企业，使其按员工席位收费的商业模式过时。这一局面被戏称为"SaaS末日"。

在财报电话会议上，这一概念如此沉重地笼罩全场，以至于首席执行官马克·贝尼奥夫至少六次提及该词。"你们听说过SaaS末日吗？这可不是我们第一次经历，我们经历过好几次了。"他说道，随后补充说："就算真有SaaS末日，也可能被大脚怪吃掉——因为现在有太多公司使用大量SaaS服务，毕竟有了智能体后体验更好了。"

为向世界证明其持续健康发展，赛富时在这份财报中倾尽所有。公司将股息提高近6%至每股0.44美元，推出了新的500亿美元股票回购计划。这类举措向来受股东青睐，既能创造稳定的股票买方力量，又可减少流通股数量（从而可能推升股价）。

公司还对财报电话会议本身进行了革新。这场会议融合了播客、专题广告片等元素，在华尔街分析师提问环节之外，贝尼奥夫通过视频连线采访了三位赛富时客户，让他们表达对新型智能体功能的热爱：家电公司SharkNinja首席执行官、温德姆酒店集团首席执行官，以及为强化这一信息特意邀请的软件行业会议媒体公司SaaStr首席执行官。我们将采访浓缩为最简短的总结：他们都热爱赛富时的AI智能体产品。

赛富时还为智能体产品引入了新度量标准："智能体工作单元"。其理念在于，不同于简单计算AI处理量的标准单位"令牌"，AWU试图衡量更有意义的指标：智能体是否实际完成了任务（例如写入记录），而非仅仅生成文本。（赛富时上季度处理了19万亿令牌，这听起来庞大，但在AI世界其实不算多。）

"你可以让它写首诗，但这在企业界价值有限。"赛富时总裁兼首席营销官帕特里克·斯托克斯在电话会议上表示。因此AWU旨在衡量智能体执行写入记录或其他可验证任务的情况。

此外，赛富时还展示了其对未来智能体世界的架构愿景。该愿景显示，像赛富时这样的SaaS软件将占据技术栈的主要部分，而位于底层的AI模型制造商则成为不可见、可互换、商品化的工作引擎。

这直接回击了本月初"SaaS末日"抛售潮的诱因之一——当时OpenAI发布了企业智能体平台Frontier。OpenAI的架构愿景显示其将占据技术栈主体，而作为记录系统的SaaS提供商（即企业存储核心数据的数据库和商业软件平台）则处于底层，成为不可见的引擎。

若这一切仍不足以影响投资者：贝尼奥夫身着黑色皮夹克亮相，呼应了在AI领域风头正劲的英伟达首席执行官黄仁勋的标志性造型。

英文来源：

Salesforce pulled out all the stops to convince investors that the AI revolution won’t be its death when it announced fourth-quarter earnings on Wednesday.
Salesforce reported a solid quarter of $10.7 billion in revenue, up 13% year-over-year. For the year, it reported $41.5 billion in revenue, up 10% over the previous year, with both results boosted by its $8 billion acquisition of data management company Informatica last May.
Net income landed at $7.46 billion, and the company offered strong guidance for the year ahead, projecting revenue of $45.8 billion to $46.2 billion — a 10% to 11% increase. It also said its “remaining performance obligation,” or RPO, is over $72 billion. That’s a figure that shows revenue under contact that has not yet been delivered or recognized as earned revenue.
The numbers, though, could only do so much. Software-as-a-service stocks, with Salesforce as their poster child, have been getting hammered lately. Investors fear the rise of AI agents will undermine these companies, making their per-employee-seat business models obsolete. The situation has been dubbed the “Saaspocalypse.”
The concept hung so heavily in the air during the earnings call that CEO Marc Benioff mentioned the term at least six times.
“You’ve heard about the SaaSpocalypse? And it isn’t our first. We’ve had a few of them,” he said, later adding, “If there is a SaaSpocalypse, it may be eaten by the Sasquatch because there are a lot of companies using a lot of SaaS because it just got better with agents.”
In an attempt to convince the world of its continued health, Salesforce threw everything and the kitchen sink into this earnings report. The company increased its dividend by nearly 6% to $0.44 per share. It launched a new $50 billion share buyback program. That’s always a favorite with shareholders because it both creates a sturdy buyer of shares and reduces the number of shares in circulation (which can boost the stock price).
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The company also revamped the earnings call itself. It was part podcast, part infomercial, and part normal Q&A with a few questions from Wall Street analysts.
Instead of running through the numbers, Benioff interviewed three Salesforce customers on camera to testify to their love of its new agentic options: the CEO of home appliance company SharkNinja, the CEO of Wyndham Hotels and Resorts and, just to hammer the point, the CEO of SaaStr, the software industry conference and media company. We’ll truncate the interviews to the shortest summary: they all love Salesforce’s AI agent products.
Salesforce also introduced a new metric for its agentic products: Agentic Work Units (“AWU”). The idea here is that rather than simply counting “tokens” — the standard unit of AI processing volume — AWU attempts to measure something more meaningful: whether an agent actually completed a task, like writing to a record, rather than just generating text. (Salesforce logged 19 trillion tokens last quarter, which sounds like a lot but really is not in the AI world.)
“You can ask it a question and it can write you a poem, but that’s not really all that valuable in the enterprise world,” Salesforce President and CMO Patrick Stokes said on the call. So AWU is intended to measure when the agent writes to a record or does some other verifiable task.
On top of that, Salesforce also presented its own architectural vision of the coming world of agents. It shows SaaS software like itself owning most of the tech stack, with the AI model makers on the bottom as unseen, interchangeable, and commoditized work engines.
This was a direct counter to one of the causes of a SaaSpocalypse sell-off earlier this month, after OpenAI released its enterprise agent, Frontier, platform. OpenAI’s architectural vision shows OpenAI owning most of the stack, with systems-of-record SaaS providers (the databases and business-software platforms where companies store their core data) on the bottom as the unseen engines.
And if all that wasn’t enough to influence investors: Benioff was dressed in a black leather jacket, echoing the signature look of the CEO clearly crushing it in the AI world: Nvidia’s Jensen Huang.