. Weltnachrichten – CA – Snowflake rises with a market value of 120 billion. USD past IBM

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New York – A rapid rally in shares of cloud computing company Snowflake continued on Tuesday, valued above IBM and Advanced Micro Devices (AMD). .

Snowflake rose with a market capitalization of around 120 billion. USD by up to 10%. Since the 2nd. Up more than 40% in December as its first public company earnings report impressed Wall Street analysts.

IBM, for which 2020 sales of around 74 billion. USD is forecast to have a market capitalization of 112 billion. While AMD has projected sales of nearly $ 10 billion. USD 111 billion in sales. USD achieved. Snowflake sales are estimated at $ 578. 2 million. in the current financial year, which ends at the end of January.

On 4. December Snowflake reported that third quarter sales more than doubled to $ 159. 6m from a year earlier. Analysts had forecast $ 147. 1m.

This has helped make CEO Frank Slootman one of the highest paid technology managers out there. A compensation package that he received when he joined Snowflake in April 2019 grants him a number of options each month – for four years – which are now more than 108 million each. USD or around USD 1. 3 billion. yearly. Slootman’s salary is over 13. 7 million options with an exercise price of $ 8. 88. The vast majority can already be exercised, but the underlying shares will carry over monthly over four years, starting from the month it started. He also receives an annual base salary of 375. $ 000, which may be higher depending on business performance.

The company reported a net loss increase to $ 168. 9m or $ 1. 01 a share, from $ 88. 1m or $ 1. 92 one share in the same period last year.

« We are pleased with our performance as a public company in this first quarter, » said Slootman. “Our vision that the Snowflake Data Cloud will mobilize the world’s data has been well received by our customer base. ”

The eight-year-old company has significant supporters including Berkshire Hathaway of Warren Buffett and Salesforce Ventures, a division of Salesforce. com. Berkshire reported on a file in November that it had bought 6. 13 million Snowflake shares valued at $ 1. 54 billion. which corresponds to 15% of the issued shares.

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Published by Arena Holdings and distributed in Financial Mail on the last Thursday of every month except December and January.

Published by Arena Holdings and distributed in Financial Mail on the last Thursday of every month except December and January.

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Snowflake, IBM, NYSE: IBM, stocks, market capitalization, IPO