September 1, 2022
Photo: Justin Sullivan/Getty Images
Hello, and welcome to Protocol Enterprise! Today: how new enterprise software upstarts are putting older tech companies out to pasture, Nvidia gets a temporary reprieve on new AI chip export restrictions and this week in enterprise moves.
In non-Wall Street parlance, Snowflake’s recent quarter was a blowout: sales up 83% to $497 million, with revenue now expected to reach $1.9 billion for 2022. It was a much-needed vibe shift after other enterprise tech companies like Salesforce and ServiceNow witnessed their share prices plummet after issuing muted sales forecasts for the rest of the year.
Snowflake isn’t alone: Databricks just passed $1 billion in annualized revenue and is aggressively recruiting, and earnings at Confluent and MongoDB surpassed Wall Street’s sales estimates. Even private companies like Cockroach Labs and Canva, which serve as alternatives to Oracle, Adobe and other so-called legacy companies, continue to hire, boost sales and fundraise at an impressive clip.
The results are a signal of the seismic shift underway in the world of business software: the arrival of the new IT stack.
Economic factors are certainly at play. In the face of a potential recession, some customers are forgoing investments in core applications — like HR systems or CRMs — in favor of data management and analytics.
For some, it’s a missed opportunity.
For others, the current struggles are simply a result of the pivot to the cloud. It’s not uncommon for architectural shifts to bring in new market dynamics.
For the new kids on the block, the future is certainly much brighter.
VMware sits at the center of the multi-cloud universeand is focused on providing consistency across clouds, enabling choice of location and delivering best of breed capabilities. Join thousands of peers, hundreds of experts and VMware leaders at VMware Explore on the journey to remake the cloud, together.
Over the past week, Seismic and SAP added new finance exces, Freshworks named a new president and more.
Evan Goldstein joined Seismic as CFO. Goldstein was formerly senior vice president of investor relations at Salesforce.
Dominik Asam was named CFO at SAP. Asam was formerly CFO at Airbus.
Lloyd Adams was named president of SAP North America. Adams was formerly senior vice president for SAP’s East region.
Dennis Woodside was appointed president of Freshworks. Woodside was formerly the president of Impossible Foods and COO at Dropbox.
Steven Stone joined Rubrik as head of Rubrik Zero Labs, a new data threat research unit. Stone was formerly a VP of adversary operations at Mandiant.— Aisha Counts (email | twitter)
VMware sits at the center of the multi-cloud universe and is focused on providing consistency across clouds, enabling choice of location and delivering best of breed capabilities. Join thousands of peers, hundreds of experts and VMware leaders at VMware Explore on the journey to remake the cloud, together.
Thanks for reading — see you tomorrow!