Cloud stocks look frothy, but companies are proving they can cut costs and keep growing

, two mega-cap tech companies that are also trading at or near records but have forward price-to-sales ratios of 14 and 6, respectively.

Part of the cost savings came from moving the company's Oktane conference at the end of March from a San Francisco exhibition center to the internet. Around 20,000 people registered for the virtual show, three times more than the number of people Okta had expected in person. "I don't think you're going to see Oktane go back to what it was is my guess," Kerrest said, adding that the same would probably be true for Salesforce's annual Dreamforce conference andKerrest said the company also expects to save on real estate. Okta CEO Todd McKinnon posted a video on Twitter on May 27, showing him packing up his stuff at his office and declaring that the company would be remote by default "until there's a treatment or vaccine for Covid-19.

Datadog CEO Olivier Pomel said on the company's conference call in May that less than 10% of annual recurring revenue comes from areas like hospitality, travel, airlines and entertainment.

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