U.S. Software: Raimo's Roundup: Q1 On-Cycle Earnings Recap - Another Quarter Of Increasing Vol

Research evidence excerpt

U.S. Software: Raimo's Roundup: Q1 On-Cycle Earnings Recap - Another Quarter Of Increasing Vol

Equity Research

15 May 2026

U.S. Software

Raimo's Roundup: Q1 On-Cycle

Earnings Recap - Another Quarter

U.S. SoftwareOf Increasing Vol

POSITIVE

We have two main observations from the Q1 on-cycle U.S. Software

Raimo Lenschow, CFAearnings season. (1) volatility continues to increase as AI

uncertainty remains at the forefront of the investor debate. +1raimo.lenschow@barclays.com212 526 2712

(2) We are seeing jumps in both directions, which could BCI, US

suggest that greater differentiation within the sector is Saket Kalia, CFA

+1 212 526 8465

emerging. saket.kalia@barclays.com

BCI, US

What Happened? Becky Sun

+1 212 526 0416We hosted a roadshow with Klaviyo, where mgmt addressed the concerns post Q1, the work

yuyao.sun@barclays.com

around its AI offerings, especially Composer, and the ongoing leverage potential (see note here).

We attended Appian's Investor Day, which provided useful information about its enterprise

positioning, GTM and AI product evolution, but did not come with updated financial targets.

GitLab announced an intention to do reduction in force to accelerate its strategic growth

initiatives from the resulting savings, with 1Q27E expected results in-line with prior guidance

and reiterated FY guidance.

Workday announced that the Sana Self-Service Agent is available in Microsoft 365 Copilot,

enabling employees to get answers to HR and finance questions directly inside Microsoft 365.

SAP and Cyberwave deployed fully autonomous, AI-powered robots in an active SAP logistics

warehouse, marking a step for the company to operationalize advanced robotics within its

facilities.

On Monday, monday.com reported solid Q1 results though with soft top-of-funnel environment,