Cloud Stocks: RingCentral Sees Strong Traction

In this challenging environment, unified communication and collaboration cloud solutions are key for productive customer, partner, and internal interactions. Cloud-based communication services provider RingCentral (NYSE:RNG), With about 2 million users globally and revenue CAGR of 33% in the past five years, is uniquely positioned in this $50 billion plus UCaaS market.

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Cloud Stocks: ServiceNow Steady in Turbulent Seas

The current coronavirus conditions have done little to hurt the tech giants. Under the leadership of its new CEO Bill McDermott, ServiceNow (NYSE: NOW) continued to report a stellar quarter. The stock even climbed to a 52-week high recently.

Cloud Stocks: Shopify Helps Merchants Pivot to Online Stores

It is not only big tech giants who are seeing their stocks climb despite the global pandemic. Ontario-based Shopify (NYSE:SHOP) continued its strong run during the quarter. Its stock is currently trading at 52-week high levels and it edged past the Royal Bank of Canada’s valuation to become the largest publicly traded company in Canada.

Services Segment Help Stabilize Apple, For Now

The coronavirus crisis has done little to hurt big tech players such as Amazon, Google, Microsoft, and now Apple (Nasdaq: AAPL). Recently, Apple announced its second quarter results, and while the company shied away from giving a guidance, its performance inspired confidence in the market. But the crisis is far from over, and the current quarter may be challenging.

Is Amazon Too Big To Fail?

Where most companies are facing the heat on account of the global virus-inflicted lockdown, Amazon (NASDAQ: AMZN) is seeing strong growth. The stock recently climbed to 52-week high levels as the company continues to scale up to meet increasing e-commerce and cloud computing demands.

Cloud Stocks: Atlassian Gears Up for Growth, Unfazed by Covid-19

Last week, leading enterprise collaboration software provider Atlassian (Nasdaq: TEAM) reported a strong third quarter that beat estimates. Even though the company is likely to see some impact due to the Covid situation, it is determined to leverage its agile, resilient culture to make strategic bets that would position it for long-term growth.

Microsoft Stronger than Ever

Even amid the recent global turmoil, tech giant Microsoft (Nasdaq: MSFT) appears unfazed. The company recently reported its third quarter results that continued to outpace market expectations. Its stock climbed 2% in the after-hours session. Despite the market turmoil this year, Microsoft’s stock has gained 12% since the start of the year.

For Google, Cloud Diversification Pays Off

According to the Interactive Advertising Bureau, 70% of media buyers are planning to change their advertising spending plans due to the coronavirus. Advertising giants like Google (Nasdaq: GOOG) began witnessing these changing patterns in March. Google recently announced its first quarter results and while revenues outpaced market expectations, the company acknowledged the uncertainty for the second quarter. Google’s advertising revenues may be hurting, but its Cloud segment will help drive growth.

Cloud Stocks: Cloudera Focuses on Hybrid Cloud

According to an Allied Market research report, the global Hadoop-as-a-service market is estimated to grow at 39% CAGR to reach $74 billion by 2026 from $5.3 billion in 2018. Hadoop deployment helps provide scalability to enterprise technology solutions, thus helping reduce operating cost and use of commodity hardware for reliable distribution. Cloudera (NYSE: CLDR), a leading player in the market, reported strong results for the recent fourth quarter.

Cloud Stocks: Nutanix Needs to Define a PaaS Strategy

Current market conditions are taking a toll on most companies. Enterprise cloud computing player Nutanix (Nasdaq: NTNX) was no different. It reported its second quarter results recently that surpassed market expectations, but the weaker outlook due to the coronavirus conditions hurt the stock significantly. It fell 20% in the afterhours trading session post result announcement.