(Reuters) -Salesforce Inc posted an 11% rise in quarterly income, its slowest tempo of progress in 13 years, as firms dialed again spending on cloud-based software program choices in an unsure financial system.

Shares of the San Francisco, California-based firm fell almost 5% in buying and selling after the bell. They’ve surged by greater than two-thirds to date this yr and rose to their highest in about 16 months in common buying and selling on Wednesday.

Progress at main cloud companies gamers from Microsoft Corp (NASDAQ:) to Amazon.com Inc (NASDAQ:) has come underneath strain this yr as companies undertake belt-tightening measures to climate the impression of rising rates of interest and a possible financial slowdown.

Income for Salesforce (NYSE:) was $8.25 billion for the quarter ended April 30, whereas analysts have been anticipating $8.18 billion, in response to Refinitiv IBES.

RBC analyst Rishi Jaluria attributed the inventory’s fall in prolonged buying and selling to its surge this yr and the corporate’s slim income beat relative to its historic efficiency.

The corporate faces stiff competitors from deep-pocketed legacy distributors equivalent to Oracle (NYSE:) in a crowded cloud-computing market.

Salesforce expects income of between $8.51 billion and $8.53 billion for the present quarter, representing progress of about 10% from final yr. Analysts have been anticipating income of $8.49 billion.

On an adjusted foundation, it earned $1.69 per share, in contrast with the estimates of $1.61 per share.