Salesforce forecasts third-quarter revenue below estimates By Reuters

(Reuters) -Salesforce forecast third-quarter revenue below Wall Street expectations on Wednesday, hit by weaker spending on its enterprise cloud products in an uncertain economy.

The company expects third-quarter revenue between $9.31 billion and $9.36 billion, compared with the average analyst estimate of $9.41 billion, according to LSEG data.

Salesforce (NYSE:)’s forecast comes as the software-as-a-service pioneer faces a challenging macro environment surrounding cloud spending as clients slash tech budgets owing to high interest rates.

Shares of the company rose around 1% in extended trading as it beat expectations for second-quarter revenue.

It reported revenue of $9.33 billion, compared with estimates of $9.23 billion.