Salesforce posts slowest quarterly revenue growth since 2010

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.

Shares of the San Francisco, California-based company fell nearly 5% in trading after the bell. They have surged by more than two-thirds so far this year and rose to their highest in about 16 months in regular trading on Wednesday.

Growth at major cloud players from Microsoft Corp to Amazon.com Inc 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.