Technology

Snowflake stock rises following release of impressive quarterly results

Strong quarterly numbers gave a significant boost to the shares of US software company Snowflake on Thursday.

Eulerpool News Dec 1, 2023, 8:00 AM

Snowflake, the US software company, received a boost from strong quarterly numbers on Thursday. The cloud company presented impressive figures the evening before, leading to a 4.61 percent increase in stock price on the New York Stock Exchange (NYSE). The shares are currently trading at $183.41 US dollars, remaining below their yearly high of nearly $194, which serves as a significant resistance level.

According to Brent Thill from the renowned investment firm Jefferies, Snowflake's expectations have not been exceeded as significantly in the past four quarters as they are now. The company has raised its outlook for the first time in a long time, which shows recognition for the management and confidence in the future of the company.

Snowflake went public in 2020 and reached a record high of $429 towards the end of that year. However, with the end of the COVID-19 boom in the industry, the stock price quickly declined and has remained on a downward trend since the end of 2021. Nonetheless, Snowflake is among the leading players in the field of cloud computing and has been able to attract numerous renowned customers through its innovative solutions.

The cloud company experienced impressive growth in the past quarters, mainly due to the increasing demand for cloud-based solutions. Experts agree that this trend will continue in the future, and the demand for services from companies like Snowflake will further rise.

With strong quarterly numbers and an improved outlook, Snowflake has once again proven its position as a leading player in the cloud computing sector. The company's stocks continue to remain stable and offer long-term investors an attractive opportunity to benefit from the growth of the cloud market.

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