Clouded Judgement: Q1 2024 Public Cloud Software Earnings Analysis

Analysis of Q1 2024 earnings for 62 public cloud software companies reveals a weak quarter driven by buyer caution around AI disruption, with hyperscalers (Azure, AWS, GCP) outperforming and median consensus beats declining to 1.5% from historical 4%. The author benchmarks key SaaS metrics including net revenue retention (>130% best-in-class), CAC payback (<12 months optimal), and FCF margins to provide a framework for evaluating business health.