Software and cloud results test whether product use converts into durable revenue

Cloudflare reported 39% revenue growth and stronger-than-consensus Q4 guidance, though stock-based compensation exceeded free cash flow; JFrog cautioned that AI-agent use has not necessarily accelerated customer commitments. Constellation Software’s Q3 revenue grew 19% but organic growth was 2% and shareholder free cash flow fell 16%; Thryv lowered SaaS guidance and plans to exit its print business. The Trade Desk’s revenue and profitability declined year over year; Akamai’s reported $11.6 billion Anthropic contract and AI-compute buildout are notable, but delays reportedly push revenue into 2027 and the ramp remains to be proven.