Salesforce, led by CEO Marc Benioff, executed a record $27 billion stock buyback in the first quarter ending in April, a move equivalent to nearly 19% of its market capitalization. This aggressive repurchase aims to signal confidence in the company's growth trajectory and combat what Benioff terms the "SaaSpocalypse"—a narrative suggesting AI agents will reduce corporate spending on software-as-a-service (SaaS) products. The buyback boosted non-GAAP earnings per share by $0.23 as diluted shares outstanding fell 11%. The company also reported strong first-quarter revenue of $11 billion, up 13% year-over-year, and robust free cash flow of $6.6 billion.