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Top Public Cloud Companies to Watch in 2023


By: Mary Jander

It's a new year, and the economic outlook seems dim. But even in the midst of recession uncertainty, it’s a safe bet that, given ongoing enterprise digital transformation, public cloud companies will survive and ultimately thrive.

But which ones look most stable, most promising? And which ones are likely to suffer? We took a closer look at some of the publicly traded cloud firms we think show interesting trends – both upward and downward. Below are the results, in two sections in alpha order. Let us know what you think!

Public Performers to Watch

Alphabet Inc. (Nasdaq: GOOGL) subsidiary Google LLC. Despite trailing rival cloud superstars AWS and Microsoft Azure in market share, Google Cloud Platform (GCP) is growing faster. For the most recent quarter ended September 30, 2022, GCP sales grew 38% compared to AWS's 27% and Microsoft Cloud revenue growth of 24%. GCP continues to represent an operating loss for Alphabet, but it contributes roughly 10% of overall sales. GCP is distinguishing itself with data management and analytics, and it has a strong focus on security, as evidenced by its purchase of security services provider Mandiant for $5.4 billion last year. The combination of strong data management and security should be a winning hand in a difficult market.

Arista Networks (NYSE: ANET). The networking vendor behind many hyperscaler clouds has shown a sizeable increase in share value over the past few years, despite market fluctuations. And in its latest earnings report for the quarter ended September 30, 2022, Arista posted revenues of $1.177 billion, up 11.9% sequentially and 57.2% year-over-year (y/y). Compare that to 6% y/y growth both sequentially and y/y for rival Cisco (Nasdaq: CSCO), as reported in that vendor’s latest quarterly report. Arista’s one to watch.

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