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In today’s Cloud Wars Minute, I discuss the strong growth prospects for three top companies —Salesforce, Workday, and Snowflake—based on their fiscal Q3 results for the quarter ending October 31.
Highlights
00:14 — So we’ve got three of the Cloud Wars Top 10 companies posting their fiscal Q3 results over the next couple of weeks. This is for the fiscal quarter ended October 31. The companies are Salesforce, Workday, and Snowflake. I think all three are going to accelerate their growth rates from Q2, which ended July 31. So here’s what I am expecting to see.
01:09 — For Salesforce, I think 10% growth is going to push its Q3 revenue to almost $9.6 billion, and this 10%, if they achieve that, will be a big jump up from the 8% for fiscal Q2. Workday’s last quarter subscription revenue growth was 17%. I think it is going to bump that up to 18%, just below $2 billion in subscription revenue. Snowflake will go from 30% to 31% this quarter.
02:28 — That’s indicative of how I think their relatively new CEO, Sridhar Ramaswamy, has really stabilized the company after the departure earlier this year of legendary CEO Frank Slootman. Ramaswamy has done a very solid job. He’s just… he’s not Frank Slootman. Nobody is.
03:06 — So overall, I think I want to tie together why I believe we’re going to see higher growth in Q3. The first reason is the AI revolution. You’ve got CEOs and boards of directors who are singularly focused on ensuring that their companies don’t miss out on this revolution. The best companies are seeing approaches that will allow them to use AI to boost productivity and efficiency and then to transform business models and create new value in lots of different ways.
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04:18 — Second, the fundamental strengths of all three: Salesforce, across the whole CRM space, and now in Data Cloud. You’ve got Workday’s promise to help companies manage their money and their people, and then the deal between Workday and Salesforce. And then Snowflake, right in the middle of the data side of the revolution, feeding that all up into what it now calls the AI Data Cloud.
04:57 — And then finally, the economic confidence that has really boomed since the presidential election. I mean, there’s no doubt about that. We’ve seen some of the results on Wall Street. And as I talked about late last week, the Cloud Wars Top 10 combined market cap for the first time ever, the combined valuations of the top 10 companies exceeded $9 trillion at $9.22 trillion.
