Snowflakes Inc.(NYSE: SNOW) is a cloud company based in Bozeman. In the May 24 trading session, SNOW stock rose over 1% compared to the previous trading session. The trading volume on Wednesday rose 2x compared to a previous trading session.
According to data from TradingView, SNOW Stock surged as high as 28%, and in the half-yearly trading session, the stock rose over 22%. In the last 52 weeks, Snowflake’s stock highest traded at $205.66 and lowest traded at 110.26.
In the May 24 trading session, SNOW Stock’s trading range was between $172.12 – $178.40. The stock’s closing price in the same trading session was $177.14.
The pre-market data shows that SNOW Stock might fall over 13%, and the opening will be $152.90. On Wednesday, Snowflakes Inc. published its Q1 2023 earnings report. Given its impressive Q1 figures, it was easy to predict that the trading price of SNOW stock might surge.
Earning and Revenue of Snowflakes Inc.
In the first quarter of 2023, the cloud computing company reported revenue overtook the estimated revenue by 1.97%. Snowflakes reported $ 623.30 million in revenue in Q1 2023. Over the last four quarters, the company has topped consensus EPS estimates four times.
In 2022, the Bozeman-based company reported $2.07 billion in revenue. It is important to note that since Q2 of 2021, the company has never reported less revenue than the estimated figures.
Over 92% of Snowflake’s revenue is generated from Cloud data warehousing software, and the remaining 7% is developed from institutional service and other sources.
The United States accounts for a significant share of the company’s revenue as the majority of users of Snowflakes reside in the U.S. The remaining comes from Japan, Asia,Europe, the Middle East and Africa.
There are over 1000+ institutional shareholders of Snowflakes. Some of the giant holders include Vanguard Inc, Morgan Stanley, BlackRock, State Street Corp, and Norges Bank, numerous others.
Snowflakes has raised $2 billion in ten funding rounds and is majorly funded by Sutter Hill Ventures, Redpoint, Altimeter Capital, Sequoia Capital, Iconiq Capital, Global Secure Invest, Salesforce Ventures, and Dragoneer Investment Group, among others.
According to Gartner, the global cloud computing market was valued near $491 billion in 2022 and is expected to jump over 21% and reach around $597 billion.
Some of the major competitors of Snowflakes are Amazon Redshift, Teradata, Databricks, Microsoft SQL Server, InterSystems, DataStax, Google Cloud Platform, and Cloudera, among numerous others.
Technical Levels
Major Support: $136.23 and $124.37
Major Resistance: $158.97 and $169.85
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/05/25/snow-stock-loses-15-in-pre-market-despite-positive-earnings/