Salesforce beats second-quarter estimates on strong cloud demand By Reuters

(Reuters) – Salesforce's third-quarter revenue fell short of Wall Street expectations on Wednesday, hit by weak spending on business 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's (NYSE: ) forecast comes as the software-as-a-service pioneer faces a more challenging environment around cloud adoption as customers cut technology budgets due to higher interest rates.

The company's shares rose nearly 1% in extended trading as it beat expectations for second-quarter revenue.

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