Salesforce shares drop on slowest revenue growth in more than 10 years


FILE PHOTO The company logo for Salesforce.com is displayed on the Salesforce Tower in New York City U.S. March 7 2019. REUTERSBrendan McDermid

FILE PHOTO: The company logo for Salesforce.com is displayed on the Salesforce Tower in New York City, U.S., March 7, 2019. REUTERS/Brendan McDermid/

(Reuters) - Salesforce Inc fell about 7% on Thursday after reporting quarterly revenue that increased at its slowest pace since 2010, with companies cutting back spending on cloud-based software offerings.

The enterprise software maker was set to shed nearly $14 billion in market value, based on its share price of $208.40. The stock has risen nearly 69% this year, as of last close, making it the fourth-highest gainer in the S&P 500 index.

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