Clouded Judgement: A Look Back at Q2 '23 Public Cloud Software Earnings

Jamin Ball analyzes Q2 2023 earnings results for 62 public cloud software companies, finding that macro pressures are stabilizing rather than worsening, with green shoots appearing in new bookings and gross churn metrics. The article establishes a framework for evaluating SaaS business performance across six key metrics: revenue consensus beats, guidance raises, YoY growth, FCF margin, net revenue retention, and CAC payback, providing benchmarks for private company founders to aspire toward.