Cloud Earnings Review: Digging Deeper on Best-of-Breed

The cloud sector has many moving parts as it mixes strong product stories with weak bottom lines. In addition to this, eventually the valuations will become attractive especially for those that can weather the new macro by cutting costs and maintaining category-leading growth. Across the board, cloud investors should be prepared for a sustained slowdown on the top line. This could worsen over the next year, as typically there’s a direct relationship between spending/investing in growth and top line results 12-18 months later. The opposite will also be true, cutting back on spending/investing in growth will lead to a lower top line.

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