Marc Benioff
Chair and Co-Chief Executive Officer at Salesforce
Well, hi, thanks so much, Evan, and congratulations on your promotion. It's so well deserved. You've done a phenomenal job in the last two years and we're also thrilled for you. And thank you for agreeing to take on this incredible new role at Salesforce and leading these teams, and we could not be more excited for you. And we cannot be more excited to welcome Mike Spencer to Salesforce. I know that many of the folks on this call have worked with Mike before, should be a familiar voice and friend, and I'm looking forward to working closely with Mike. And Mike is going to be based out of our Atlanta headquarters, and really excited about that because our new Chief Information Officer is there, as well as a number of other incredible new executives from Salesforce, including our new Chief Accounting Officer and our Chief Commercial Officer.
So really a cool thing to see Atlanta in our kind of post-pandemic reality become such a center of gravity for Salesforce. In fact, we just had our Q1 operations review there and it was exciting to welcome Mike to the team. So with that, let me just tell you, it's been a whirlwind for our management team as you're about to hear on this call. We have been on the road. I personally was just in Sydney, Australia. I was in Tokyo. We were in Atlanta. We were in New York. And last week, we were in Davos, Switzerland. All that was in, I think, the last four or five weeks. And we've really been all over the world. It's been pretty awesome. We've met with hundreds and hundreds of customers. And I can tell you that our business -- you can see this in the Q1 numbers, can't you, is incredibly healthy. And we also -- you can see we had a great quarter.
We're carefully watching the economic data. I know all of you are doing that as well. And so far, we're just not seeing any material impact from the broader economic world that all of you are in. Our demand environment where demand is very strong, and if you look over the last 23 years, Salesforce has proven to be incredibly resilient based on this incredible business model we have, an incredible technology model that we have where we've been through all kinds of dot-com crashes and recessions and financial crises and global pandemics and all of you have watched us go through every possible storm, but we continue to weather these storms through the power and strength of our model.
In 2001, I think it really impacted us. We almost lost our business because we were on monthly contracts, we didn't have the right cash flow structure, investors just wouldn't give us any money, and so we made a lot of changes then. And it's really strengthened our business and made us more durable over time. There's now no better measure of our durability of the business model, the momentum of the business, the strength of the technology model than our remaining performance obligation, the future revenue that we have in our contract. In Q1, we had $42 billion in RPO, up 20% year-over-year, pretty amazing. And in every crisis we've experienced over nearly a quarter of a century, well, I'll just tell you, I think that Salesforce -- and I'm sure you all agree, always emerges stronger than ever.
We became more strategic and more relevant to our customers because we focus on their success and that continues today. And that's why we've been able to grow our revenue for 72 consecutive quarters through every cycle, a focus on customer success, and it's why Salesforce remains the Number 1 in CRM now for the 9th year in a row, growing in share in all CRM segments yet again according to the IDC's Software Tracker. When it comes to our financial results, we had, as you can see, a very strong quarter. And you can also know that the dollar, well, I think the dollar might have even had a stronger quarter than we did, which is kind of amazing. And I certainly saw that in my travels over the last month. And although these kind of fluctuations in foreign currency markets had an unexpected impact in the quarter, we still delivered $7.4 billion in revenue, up 24% year-over-year.
Foreign exchange movements have resulted in a revenue headwind of about $109 million year-over-year, something we could not have anticipated. Operating cash flow though, in the quarter, well, here it is, $3.7 billion, up 14% year-over-year, reflecting very strong performance across the core business and operating margin in the quarter, well, that was 17.6%.
Turning to our revenue guidance. Well, as I mentioned, the presented foreign exchange volatility. It increased the year-over-year headwinds by an additional $300 million for a total of $600 million for the year since we first gave you guidance in our Investor Day. To give you an example, I was in Japan for the first time since the dynamic a couple of weeks ago, it was two weeks ago. And I couldn't believe the decline in the value of the yen. It was a very good time to be a tourist in Japan. But I called our team, I said, this is great to be a tourist in Japan, but it's going to have implications as we roll this revenue up from the Japanese market to our U.S. dollars. And in fact, our Japan revenue in the fourth quarter faced a 12% headwind year-over-year, just the yen historic fall, something I've just never seen. So as a result of these headwinds, we're lowering our fiscal '23 revenue guidance by $300 million to $31.7 billion to $31.8 billion or about 20% growth year-over-year.
For operating margin, we're raising our fiscal '23 non-GAAP guidance by 40 basis points to 20.4%, an expansion of 170 basis points year-over-year. As all of you know, we're quite committed to consistent margin and cash flow growth as part of this long-term plan and model that we have to drive both top and bottom line performance. And as I said, this demand environment for our Customer 360 platform, as you're about to hear from Bret and from Gavin and from Amy and from others as well, it remains incredibly healthy.
Our customer relationships are amazingly strong, as evidenced by these hundreds of customers that we've met with just in the last couple of weeks. And I'll tell you, as you hear some of these incredible stories from the quarter, companies like State Farm and F1 and Goodyear and even the Department of Commerce, well, I'll tell you, these customers, they're very excited to be able to get not only incredible productivity from our product but also growth as well.
So let me say that this is a time when every company, every industry, every government is investing in digital transformation. No company is better positioned than we are to help companies transform for the digital future. That was something we fully experienced in Davos last week and I could not be more grateful to our 77,000 ohana, millions of trailblazers who are making a difference for our customers and the world. And now over to Bret.
