A Look Back at Q1 '25 Public Cloud Software Earnings
Clouded Judgement
JUNE 17, 2025
net retention and CAC payback). And no, this wasn’t all because of leap year last year (that would only account for a ~3% delta at most) The Hyperscalers (AWS, Azure, Google Cloud) also declined net new adds year over year, but not by as much. Net new ARR added was down 28% from Q1 last year.
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