Salesforce Inc posted an 11% rise in quarterly revenue, its slowest pace of growth in 13 years, as companies dialed back spending on cloud-based software offerings in an uncertain economy.
has come under pressure this year as businesses undertake belt-tightening measures to weather the impact of rising interest rates and a potential economic slowdown.
Capital expenditure also jumped nearly 36% to $243 million as the company invested in AI-related tools to power its software products. RBC analyst Rishi Jaluria attributed the stock's fall in extended trading to its surge this year and the company's narrow revenue beat relative to its historical performance.in a crowded cloud-computing market.
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