Aside from the software companies trailing the 16.02% gain in the iShares North American Tech-Software ETF, both at various points this year lagged the Dow Jones Industrial Average and the S&P 500, which are up 8.91% and 13.01, respectively.CRM data by YCharts
By contrast, both Salesforce and Workday are suffering from slowing growth, the wrong time for that to happen with the competition hot on their heels.
For Salesforce, in the most recent quarter, fiscal third-quarter revenue from subscriptions and support grew 28% year over year. That is eight percentage points slower than last year's growth of 36%.
Likewise, revenue from professional services decelerated from about 50% year over year last year to just 33% year over year in the recent fiscal third quarter.
And if the company's revenue guidance of $6.45 billion to $6.50 billion for fiscal 2016 is any indication, Salesforce expects more growth deceleration.
The guidance fell short of consensus estimates of about $6.52 billion, according to Thomson Reuters.
Still, investors must keep these numbers in proper context.
Although signs of slowing growth have emerged, the company is increasing almost every important metric at impressive rates. The 28% and 33% year-over-year revenue growth in subscriptions and professional services, respectively, shouldn't be taken lightly.