A Look Back at Q1 '25 Public Cloud Software Earnings
Clouded Judgement
JUNE 17, 2025
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. To calculate implied ARR I take the subscription revenue in a quarter and multiply it by 4.
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