Cloudflare's Q4 FY2022 earnings report was much anticipated by the market. Like other software infrastructure companies with their fiscal Q4 aligned to the calendar year, investors received their first firm view of guidance for not just the current quarter, but also the full year of 2023. Given trends that I discussed in a prior post, results from the hyperscalers pointed to further deceleration in cloud utilization as a consequence of workload "optimization" by customers. As the hyperscalers generally only project results a quarter forward, investors lack a clear signal as to when optimization headwinds might abate. A few software companies reported in the interim, providing some support for a view that software infrastructure demand might level out over the full year.