Summary
Our analysis of top cloud providers’ Q1 2025 earnings statements shows an increase in cloud revenue and earnings, with AI as the key factor. However, the necessary investments are putting pressure on operating costs, a likely influence on recent tech job cuts. Cloud providers have thus far assuaged investors with top-line revenue for cloud services despite new competitive pressures as cloud customers grapple with strategic AI build-out decisions. This report situates cloud revenue within these companies’ broader portfolios and the fast-changing competitive landscape amid the rise of the AI-native cloud.
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