Cloud software buyers are getting frugal, leading to slower growth at former highfliers

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Companies that sell cloud software are contending with a more cautious spending environment from their existing customers.

Net revenue retention rates in cloud software are ticking down by the quarter, a sign that businesses continue to look for areas where they can cut costs.

"The median net retention for the software universe has been steadily declining the last few quarters," Jamin Ball, a partner at tech-focused investment firm Altimeter Capital, wrote in aon Friday. "More pressure on churn and more difficult upsells have pushed net retention down," Ball added. Almost all of Twilio's revenue comes from its division that contains technology for sending text messages and emails.

The topic didn't get much discussion on Snowflake's earnings call, as analysts were focused on the announcement that Sridhar Ramaswamy wasCEO Frank Slootman, the veteran Silicon Valley executive who led Snowflake through its 2020 initial public offering, the largest ever for a U.S. software company.Zoom has opted to add artificial intelligence features into its premium video-calling plans at no additional cost.

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