Business software provider Salesforce.com forecast fiscal 2026 revenue below Wall Street expectations on Wednesday, weighed down by slower adoption of its artificial intelligence agent platform, sending shares of the company down around 3% in extended trading.

The software-as-a-service pioneer is banking heavily on AI agents to reinvigorate growth at a time when other cloud firms, including Microsoft MSFT.O and Amazon AMZN.O, have firmly established themselves as leaders in the sector while making strides in machine learning.

The downbeat forecast indicates that the spending environment remains pressured, with enterprises withholding new financial commitments owing to still-high interest rates and economic uncertainty.

The company expects revenue to be between $40.5 billion and $40.9 billion, compared to the average analysts' estimate of $41.35 billion, according to data compiled by LSEG.

It forecast full-year adjusted earnings per share between $11.09 and $11.17 per share, compared with analysts' estimate of $11.18 per share.

Parker Snook, senior research analyst at M Science, said that the forecast is not what people wanted, adding that monetization for Agentforce "is maybe off to a slower start than what people have thought."

The emergence of AI agents reflects a shift in the booming artificial intelligence space, as tech firms are starting to transition beyond chatbots in a move to show returns on the billions they have poured into this revolutionary technology.

Analysts have said that the company's return to double-digit growth rates hinges on the success of Agentforce — its AI agent builder platform — after it reported single-digit revenue growth in the past few quarters.

The company's fourth-quarter revenue came in at $9.99 billion, missing a consensus estimate of $10.04 billion.

Salesforce forecast first-quarter revenue to be between $9.71 billion and $9.76 billion, below estimates of $9.90 billion.