The headline numbers were large enough to move a $29 billion company 37% in two sessions. Total revenue of $1.766 billion, up 28% against a $1.66 billion consensus. Adjusted EPS of $1.87 against $1.50. Cloud revenue of $1.213 billion, up 31%, with growth accelerating rather than decaying. GAAP operating income of $211 million against a $28 million loss a year earlier. None of that is the number worth anchoring on.

Four enterprise software franchises that defined the last software decade entered the summer of 2026 carrying the same wound. Salesforce trades near $152, down roughly a third on the year and off 38% from where it stood twelve months ago. ServiceNow, having executed a five-for-one split in December, changes hands around $95 after surrendering more than half its value from the 2025 peak. Atlassian sits in the low $80s, down some 45% year to date and roughly 74% off its one-year high. Monday.com, the smallest of the group, has lost about 73% over a year and trades in the mid-$60s against a 52-week high near $317.