A Look Back at Q1 '24 Public Cloud Software Earnings
Clouded Judgement
JUNE 19, 2024
It’s worth pointing out that Azure is a bit above the long term trendline, while AWS is still below (but accelerating up). For businesses selling predominantly to SMB customers, these benchmarks are all slightly lower given the higher-churn nature of SMBs. The big caveat in FCF – it adds back the non-cash expense of SBC.
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