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A Look Back at Q1 '25 Public Cloud Software Earnings

Clouded Judgement

Q1 ‘25 earnings season for cloud businesses is now behind us. 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.

Cloud 277
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ServiceTitan: Benchmarking the S1 Data

Clouded Judgement

There’s a lot of info to digest, so in the sections below I’ll try and pull out the relevant financial information and benchmark it against current cloud businesses. We are modernizing a massive and technologically underserved industry—an industry commonly referred to as the “trades.”

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Clouded Judgement 1.24.25 - The Year of Enterprise AI

Clouded Judgement

Every week I’ll provide updates on the latest trends in cloud software companies. In AI terminology, “generalizing” refers to a model’s ability to apply learned knowledge to new tasks or unseen data. Subscribe now Share Clouded Judgement Leave a comment Follow along to stay up to date!

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A16Z: Enterprise AI Spending is Growing 75% a Year.

SaaStr

The Trust Shift : More enterprises are now hosting directly with model providers (OpenAI, Anthropic) rather than going through cloud providers—a complete reversal from last year when enterprises preferred cloud provider intermediaries for trust and compliance.

AI 206
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The Identity Crisis Facing Open Source Companies in the Cloud

Tom Tunguz

But the clouds are rolling in for open source companies (pun intended). Today, open source software faces an identity crisis: what does it mean to be an open source company in the cloud? On the other hand, the future is in cloud. But what does it mean to be open source in the cloud? It’s enterprise-first selling.

Cloud 279
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A Look Back at Q1 '24 Public Cloud Software Earnings

Clouded Judgement

Q1 earnings season for cloud businesses is now behind us. These charts clearly show the ZIRP pull forward, the ensuing cloud cost optimizations, and then the recovery. GCP data is a bit more noisy as they don’t disclose GCP itself, but rather Google Cloud which includes GSuite.

Cloud 318
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Snowflake, CrowdStike and SumoLogic: “How to Leverage the Cloud Giants to Scale to 100 Million ARR and Beyond”

SaaStr

Jessica Alexander, Senior Director Cloud Technology & OEM Partnerships, Crowdstrike. So for the audience, cloud giants are turbocharging startup sales, and the predominant reason for this is because they’re fundamentally changing IT budgets at the customers that we’re all selling to. Rico Mallozzi, Sr.

Scale 256