Clouded Judgement 4.25.25 - Q1 '25 Earnings Season Kicks Off
Every week I’ll provide updates on the latest trends in cloud software companies. Follow along to stay up to date! Earnings Season Begins! Earnings season has officially kicked off! We’re still early, not many companies have reported yet, but we can still look for a couple trends. In software, we’ve had ServiceNow, AppFolio and Google (Google Cloud) report. ServiceNow was certainly a lot better than feared. There were plenty of concerns about the impact of DODE, but at the end of the day they slightly beat Q1 and raised full year guidance by $5m. A solid result! Given all the macro backdrops, any company that at least holds the full year guide constant feels like a win. However, their net new ARR added in Q1 was down from Q1 ‘24 ($556m added Q1 ‘25 vs $632m added in Q1 ‘24). AppFolio missed Q1 estimates, but held their full year guide constant. Google Cloud added less net new ARR in Q1 ‘25 than they did in Q1 ‘24 (but some of that is FX related). Overall, the few datapoints from softwa
Every week I’ll provide updates on the latest trends in cloud software companies. Follow along to stay up to date! Earnings Season Begins! Earnings season has officially kicked off! We’re still early, not many companies have reported yet, but we can still look for a couple trends. In software, we’ve had ServiceNow, AppFolio and Google (Google Cloud) report. ServiceNow was certainly a lot better than feared. There were plenty of concerns about the impact of DODE, but at the end of the day they slightly beat Q1 and raised full year guidance by $5m. A solid result! Given all the macro…
related reading
- A Look Back at Q4 '23 Public Cloud Software Earningscloudedjudgement.substack.com
- Clouded Judgement 7.3.26 - The End of Compute Scarcity? Not So Fastcloudedjudgement.substack.com
- Clouded Judgement 7.31.26 - AWS CapEx ROIcloudedjudgement.substack.com
- Clouded Judgement 7.24.26 - The World Isn’t Zero Sumcloudedjudgement.substack.com
- Intelligence Arbitragesdan.io
- Clouded Judgement 7.21.23 - Are Software Companies Bad Businesses?cloudedjudgement.substack.com
- Clouded Judgement 6.19.26 - Workflows are Kingcloudedjudgement.substack.com
- Clouded Judgement 8.14.26 - Useful Lifecloudedjudgement.substack.com
- Google's Cloud Revenue Converges to NVIDIA's Growth Ratetomtunguz.com
- Services: The New Software | Sequoia Capitalsequoiacap.com
- Clouded Judgement 8.7.26 - Custom Tokenscloudedjudgement.substack.com
- Clouded Judgement 7.10.26 - Own Your Weightscloudedjudgement.substack.com