The company receives a large increase in income from regular customers
Increased Trading Volumes Snowflake Inc. rose more than 13% after the cloud software company reported higher-than-expected revenue and an upbeat outlook, boosted by an increase in new customers and higher spending by existing customers.
The largest IPO of the company in 2020
Snowflake rose to prominence in September 2020 with the largest IPO in the United States this year and the largest IPO in a software company.
Snowflake’s shares fell to close at $ 311 per share in New York trading on Wednesday, after reaching a record share price of $ 401.89 per share in mid-November.
Snowflake develops software that collects and compiles data from various systems so that clients can analyze it in a single location. The company has modernized its data warehouse architecture, which was popularized by Oracle Corp. and has been in use for decades.
According to the company, it had 5,416 clients at the end of the third quarter, which is 8.5 percent more than the previous period. Snowflake’s largest customers, those with more than $1 million in product revenue in the previous 12 months, increased to 148 from 116 in the previous quarter.