AMPL - Down 89% This Cloud Stock Could Be Ready for a Comeback
2024-05-15 07:00:00 ET
The last couple of years have been rough on the cloud software sector. A combination of sky-high valuations coming out of the pandemic and a slowdown in demand resulting from a broader tech recession caused much of the sector to crash.
Among the victims has been Amplitude (NASDAQ: AMPL) , a cloud software company focused on digital analytics. Amplitude went public in September 2021, shortly before the Nasdaq peaked, and then crashed in 2022. The company's software gives businesses the ability to better understand their customers and improve their digital products.
For example, Amplitude helped Peloton Interactive recognize the value of social interactions in its workouts and guided Burger King's "Whopper Detour" campaign where the fast food chain offered a deal to customers who downloaded the app near a McDonald's location.
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Down 89%, This Cloud Stock Could Be Ready for a Comeback