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ICICI Securities Report
We have earlier written in depth about the huge disconnect between hype and reality around accelerated cloudification / digitalisation post-Covid-19.
September 2020 earnings/outlook of global technology companies (Microsoft, Amazon Web Services (AWS), SAP etc.) strongly corroborate our thesis.
Rather than reporting a major spurt, incremental sales (QoQ) booked by AWS and Microsoft ICS (Azure++) post Covid-19 were weak (9M CY20: down 24% to up 5% YoY).
This does not reconcile with the hype around cloud being the backbone for business continuity during the lockdown.
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