Figma Beats, Raises and Accelerates! Boom! Stock Rockets 12%! But … It Still Trades for Less than 10X ARR
Figma reported Q1, and the results were the cleanest “beat and raise and accelerate” you’ll see all earnings season in B2B + AI. Revenue accelerated for the second quarter in a row. NDR ripped to a 2+ year high. AI monetization, which everyone on the...
5 Interesting Learnings from Monday at $1.4 Billion in ARR: Guidance Raised, Stock Crushes, NDR Up to 116%, But Real AI Revenue Still Ahead
Monday.com (MNDY) reported Q1 2026 this morning. The stock popped 28%+ in pre-market trading. In the same week, HubSpot reported a clean beat, and the stock dropped 16%. Both companies are application-layer B2B incumbents. Both have 250K+ customers. Both have AI...
Palantir Q1 2026 Has Broken the Enterprise Software Mold. Again. Revenue Growth Accelerates to 85% at $6.5B+ ARR
Three months ago we asked if Palantir might be the greatest enterprise software company ever built. The data said the question was at least worth asking. Today the question got harder to dismiss (especially if we don’t deem Anthropic an enterprise software...
Atlassian and Twilio Crush the Quarter, Accelerate. Is the SaaSpocalypse Over?
So this week two of the more important bellwether names in B2B software reported earnings. And neither of them just “beat.” Both accelerated. Materially. At $7B and $5.6B+ run rates respectively. They crushed the quarter, in fact. This really matters...
5 Interesting Learnings from ServiceNow at $14.7B in ARR: 22% Growth, Rule of 54, and the Paradox of Beat-and-Lose
Coming into Q1 2026 earnings, the narrative on ServiceNow was ugly. Stock down 32% year-to-date. Trading near the $100 support level, 46% off the peak. Cramer was hedging. Seeking Alpha was calling the valuation unsustainable. The bear case had three legs: AI would...
5 Interesting Learnings from Klaviyo at $1.2 Billion in ARR: 32% Growth, 110% NRR, and Somehow Only 4x Revenue
Possibly the most mispriced public B2B leader right now. Klaviyo reported its latest FY2025 results, and the numbers are genuinely top decile. It should be a hot stock: $1.234 billion in revenue for the full year Up 32% year-over-year, with Q4 alone hitting $350...
5 Interesting Learnings from Samsara As It Reaccelerates at $1.9 Billion in ARR
Samsara just closed out its fiscal year 2026, and while the vertical B2B leader has always been a rocketship, it’s now showing reacceleration to 30% growth as it crosses $2 Billion in ARR. There are several reasons as we’ll dig into below, but AI is on...
While Most B2B Companies Are Decelerating, Cloudflare Just Had Its Best Quarter Since 2021. 10 Numbers That Explain Why
Most public B2B companies right now are either decelerating or apologizing for it. Cloudflare is doing the opposite. In Q4 2025, Cloudflare reported $614.5M in revenue, up 34% year-over-year — on top of already being a $2.4B+ ARR business. That’s not a small...
CrowdStrike Just Had Its Best Quarter Ever. So Much for AI Disrupting Cybersecurity. But The Markets Want to See … Acceleration.
CrowdStrike at $5.25B ARR just posted its largest quarter of net new ARR ever — $331M, up 47% year-over-year. The first pure-play cybersecurity company to cross $5B in ARR. The first year ever above $1B in net new ARR. Record operating income, record free cash flow,...
Stripe’s Latest Data: Startups Are Growing 50% Faster, Compute Demand Drove ~50% of GDP Growth, 60% More Apps YoY, and More
Stripe just released its 2026 annual letter, and as always, it’s packed with data. But a lot of the letter covers stablecoins, agentic commerce protocols, and macro-economic commentary. All interesting — but let me pull out the 5 metrics that matter most if...
Figma Just Hit $304M in a Single Quarter. Growing 40%. And Just Like That — SaaS is Back.
A lot of people counted Figma out after the Adobe deal collapsed. And then again as the stock price fell again and again post-IPO. They were wrong. Figma just reported Q4 2025 earnings, and the numbers are genuinely remarkable — not just for a design tool company,...
Shopify is Growing 30% at $11.6 Billion. The Stock is Down -28%. Is Nothing Good Enough Right Now?
Shopify remains on a total tear. The company just posted: 30% revenue growth at $11.6 billion $2 billion in free cash flow GMV accelerating to +29%, and guided Q1 to grow in the low 30s — above what Wall Street expected. They even announced a $2 billion buyback. And...
CS Disco at 1x ARR. Harvey at 110x. Same Industry. Is This the Future for Pre-AI SaaS?
I’ve been tracking CS Disco (NYSE: LAW) since I was the first investor in a legaltech eDiscovery competitor to it, Logikcull, way back in 2015. They IPO’d and then in 2021, and we wrote about them when they hit $120M in ARR. Back then, the stock was...
Atlassian Is Growing 23% at $6.4B in Revenue. RPO Is Accelerating 44%. And the Stock Is Down 70%. What’s Really Going On.
Atlassian just reported its Q2 FY26 results, and they’re fascinating on multiple levels: $6.4B+ ARR, $1.6 billion in quarterly revenue, up 23%. Atlassian is accelerating (albeit modestly) — up from 20% growth Their first-ever $1 billion cloud quarter. And...
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