Looking back at July, there were lots of big names, big dollars and big news in headlines. Here’s our attempt at making sense of the all the big numbers.
$10 Billion
On July 12, a federal court dismissed a lawsuit from Oracle contesting the procurement process for the Department of Defense’s $10 billion cloud infrastructure improvement, known as JEDI. Microsoft and Amazon are finalists for the winner-take-all contract. Will this loss have a ripple effect on Oracle’s other federal cloud opportunities? It’s about 5% of Oracle’s overall revenue at stake. (Biz Journals)
+2%
Microsoft stock is up 2% after a solid earnings report. Microsoft shares have gained 34% this year, pushing the company past a $1 trillion market cap as investors continue to bet on CEO Satya Nadella’s ability to bolster its cloud business and win deals against Amazon. Revenue from Azure increased 64% year over year, the lowest growth rate in at least four years. (CNBC)
-10%
Grim news from Walldorf last week as SAP announced slower growth in new cloud booking after buying Qualtrics and Callidus to boost its portfolio. As a result, SAP stock dropped 10%, its biggest dip in five years. (Bloomberg)
50%
Shares of Slack were up by nearly 50% in first-day trading, after the company priced their shares above their projected range. Now that Slack has an IPO behind them, what are they investing in? Ecosystem players for HR tech. (Crunchbase)
$700 Million
With the impending IPO for WeWork, there’s a flurry of regulatory releases coming out showing the inner workings of the company. For example, this tasty morsel: founder Adam Neumann has taken almost $700 million off the table already. While it’s not uncommon for founders to do a little profit-taking along the way, this tidy sum is truly noteworthy. (Market Realist)
90%
The share price of gig economy platform Fiverr (NYSE: FVRR) shot up by 90% on the stock’s first day of trading, before sliding a little on day two. Still, up 50% over two days. Fiverr’s hot start even rallied Upwork’s lackluster IPO performance. It’s worth noting that for the year, the best-performing IPOs haven’t been Uber and Lyft, they’ve been enterprise software companies like Zoom, Slack, Fastly, PagerDuty, and Fiverr.
