SaaStr
NOVEMBER 6, 2023
On top of that, inflation and price increases are eating into overall IT budgets. In fact, In fact, Gartner sees overall global software spend growing faster in 2024 than 2023, a very health +13.8% — and crossing $1 Trillion in total spend for the first time! So where does this all net out? With some big caveats.
Tom Tunguz
APRIL 30, 2024
Cloud Capex in Q1 AWS $14 billion Azure $14 billion Google Cloud $12 billion These are not one-time investments, but part of a broader trend that started to occur after the introduction of GPT 3 in mid-2020 Amazon was the first to invest significantly. 8 percentage points increased margins in a quarter is titanic.
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Clouded Judgement
APRIL 11, 2024
This has all resulted in the median stock price declining 5% YTD. It looks at the YoY dollar change in quarterly revenue from the hyperscalers (just looking at Azure / AWS because the data goes back further) going back a few years. Heading into Q4 earnings, analysts had expectations for how each business would perform in 2024.
Clouded Judgement
OCTOBER 27, 2023
Subscribe now Cloud Giants Report Q3 ‘23 Not a great signal for software this week from the Cloud Giants (AWS, Azure and Google Cloud)…After Q2 (3 months ago), the tone from the Cloud Giants around optimizations was largely: optimizations have started to ease, and net new workloads have picked up. Staggering scale already.
Clouded Judgement
MAY 10, 2024
All 3 (AWS, Azure, GCP) saw positive reacceleration Quarterly Reports Summary Top 10 EV / NTM Revenue Multiples Top 10 Weekly Share Price Movement Update on Multiples SaaS businesses are generally valued on a multiple of their revenue - in most cases the projected revenue for the next 12 months.
Clouded Judgement
APRIL 28, 2023
AWS (Amazon), Azure (Microsoft), and Google Cloud (Google) all reported this week. Azure reported on Tuesday and gave us that glimmer of hope. Azure : Coming into the quarter, a growth rate that would have satisfied the market would have been ~29%. Azure came in at 31% (constant currency). Follow along to stay up to date!
Clouded Judgement
NOVEMBER 3, 2023
Said another way, I believe that software valuations were holding up so well in the face of a ~5% 10Y because the market expected acceleration and 2024 numbers to come up. Maybe with the exception of hyperscalers (particularly Azure). And now, it’s unclear when that re-acceleration will happen. And the median guide is 0.4%
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