From Nasdaq:

Software stocks are seeing accelerated demand for digital transformation and cloud services, but weakened consumer spending is impacting the industry. Demand for SaaS-based solutions is growing, driven by the hybrid work model. Cybersecurity solutions are in high demand due to data breaches and increased cloud migration strategies. Growth in enterprise workspace solutions, communication platforms, and online education portals is expected.

CrowdStrike, RingCentral, Twilio, Cadence Design Systems, and Snap are all software companies expected to report earnings soon, each meeting certain criteria for potential positive earnings surprises. CrowdStrike is notably benefiting from cyber-security solutions and strategy acquisitions, while Cadence’s performance is being driven by higher customer demand in all segments. RingCentral has seen increased demand for its Unified Communications as a Service and contact center SaaS solutions. Twilio has greatly expanded its clientele, and Snap is experiencing improved user engagement and user growth, reaching a large demographic and diversifying revenues.

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