Who’s Doing Well This Week: Okta, Crowdstrike, Salesforce, Workday

So we wanted to do a little weekly look at who in SaaS and Cloud is doing well.  These are tougher times for almost everyone than the Go Go Days of 2021. Budgets are being scrutinized, and even the best are growing more slowly in many cases.

But many are still doing well — as despite tougher macro pressures, Cloud and SaaS spend continues to hit record levels.

So a quick look at who’s doing well this week:

#1.  Okta Growing 25% at $2 Billion in ARR.  Okta did note it is getting tougher out there, but not so tough that growth isn’t still very impressive.  With 25% growth at $2 Billion in ARR, that’s still +$500m in new bookings a year.

#2.  CrowdStrike Growing an Incredible 42% at $2.8 Billion in ARR.  Yes, cybersecurity remains critical in the enterprise.  And with stunning non-GAAP 33% free-cash flow margins.  Epic growth, while still creating a ton of cash flow.

#3.  Salesforce Growing 13% (in Constant Currency) at $32 Billion in ARR.  Ok, 13% isn’t crazy growth, but it did come in ahead of expectations.  Salesforce cited many macro challenges, but still found a way to beat its plan.  Having said that, the real beat here was on earnings.  Salesforce has gotten radically more efficient over the past year, as have many leaders in SaaS and Cloud.

#4.  Workday at $6.8 Billion, Growing 17% Overall with Subscription Revenue Growing 22%.  This is essentially the same growth rate from 12 months ago. Indeed co-CEO Aneel Bhusri said they were seeing no slowdown, with the trend toward moving people and financials to the Cloud showing no headwinds.

Still, everyone but Workday said it’s still getting harder out there.  “Macro” pressures haven’t eased yet: