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Manhattan Associates' cloud revenue passed services for the first time, and 2027 cloud growth slows to 20%
The October 27 print delivered the crossover, $134.4 million of cloud revenue against $134.4 million of services, plus a record $2.59 billion backlog. It also marked the engine down: about 20% cloud growth for 2027, on a stock asked to carry roughly 45 times forward earnings on an AI line the company will not publish.
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