Software Stack Investing

Investing analysis of the software companies that power next generation digital businesses. The host has significant experience leading software engineering for a number of large consumer Internet properties. He brings insights as a technology practitioner and budget owner to evaluating software infrastructure companies in categories like developer tooling, big data, observability and application hosting. Sample company stocks covered include SNOW, NET, DDOG, MDB, CRWD, ZS and GTLB. Podcast supplements the content on SoftwareStackInvesting.com. Follow on Twitter @StackInvesting.

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Software Stack Investing

Cloudflare (NET) Q4 2022 Earnings Report

February 27, 2023 • Software Stack Investing • Season 2 • Episode 6

Cloudflare's Q4 FY2022 earnings report was much anticipated by the market. Like other software infrastructure companies with their fiscal Q4 aligned to the calendar year, investors received their first firm view of guidance for not just the current quarter, but also the full year of 2023. Given trends that I discussed in a prior post, results from the hyperscalers pointed to further deceleration in cloud utilization as a consequence of workload "optimization" by customers. As the hyperscalers generally only project results a quarter forward, investors lack a clear signal as to when optimization headwinds might abate. A few software companies reported in the interim, providing some support for a view that software infrastructure demand might level out over the full year.

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Peter Offringa

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