Salesforce reported its latest quarterly earnings and it was not all good news, signaling a period of slow growth.

Salesforce’s first-quarter revenue came in at $8.25 billion, beating analysts’ expectations of $8.18 billion. The company’s adjusted earnings-per-share came in at $1.69, beating expectations of $1.61.

Revenue was 11% higher than the year-ago quarter, with executives emphasizing the company’s strong performance in their statements.

“Salesforce significantly exceeded our non-GAAP margin target for the quarter — up 1,000 basis points year-over-year, and we are raising our FY24 non-GAAP operating margin guidance to a 550 basis point increase year-over-year,” said Marc Benioff, Chair and CEO of Salesforce. “At the same time, we are leading the next major revolution in CRM — infusing trusted, secure generative AI across our entire product portfolio. Salesforce’s generative AI ecosystem wields Einstein GPT, Slack GPT, and Tableau GPT, delivering trusted power across our product portfolio. Our Salesforce GPT Trust Layer will shield customer data, enabling productive automation and intelligent enterprise enhancements securely.”

Despite Salesforce’s strong performance, there is more to the results than meets the eye. According to Reuters, Salesforce’s growth in the first quarter was its slowest growth rate since 2010.

There are a number of factors dragging down Salesforce’s growth, including the economy in general, as well as increased competition from legacy vendors that have the customer base and deep pockets necessary to make inroads into Salesforce’s market.