Every week I’ll provide updates on the latest trends in cloud software companies. Follow along to stay up to date! Q2 Earnings Season Update We’re halfway through Q2 earnings. At this point, just about every company with a June quarter end has reported. The takeaway so far is that we’re definitely seeing see some weakness in software show up. The median beat was 2.3%, when historically the median beat is in the 4-5% range. Additionally, 15% of companies missed consensus revenue estimates for Q2. Historically, only ~5% of companies miss. On forward guidance - of companies that provided forward guidance, the median raise (% midpoint of guide was above consensus estimates) was only 0.1%. Historically the median guidance beat is ~2.5%. On top of this, of companies to give forward guidance 48% came in below next quarters consensus estimates. Historically, this figure is closer to 10-15%. It’s very clear that Q2s were light, and guidance was very light.