for data cloud-based services.
The company shares have dropped by 35% this year and are now looking for their best day ever since they went public in 2020. Even more so, its value is expected to grow by $12 billion on a market cap that is as high as $43.3 billion.
The Montana-based company came after Sridhar Ramaswamy took over the position of CEO. Sridhar Ramaswamy in the position of SVP has previously taken care of Snowflake’s AI strategy, seeing the company’s progress.
“Snowflake delivered a strong third quarter, with product revenue of $900 million, up 29% year-over-year, and remaining performance obligations of $5.7 billion, with year-over-year growth accelerating to 55%,” said Sridhar Ramaswamy, CEO of Snowflake. “Our obsessive drive to produce product cohesion and ease of use has built Snowflake into the easiest and most cost-effective enterprise data platform. That is what’s leading us to win new logo after new logo, expand within our customer base, and displace our competition over and over again.”
Even more so, this Wednesday, Snowflake announced a new partnership with Anthropic, allowing their customers to have a better user experience. Snowflake will leverage Anthopic’s large language processing system for its cloud-based data platforms and offer the best experience for its users.
The deal that will take place over several years will give Snowflake the opportunity to analyze data and generate visualizations and other useful features. The expected revenue is $3.43 billion for 2025, the previous expectation being $3.36 billion.
The data analysts from Barclays wrote about Snowflake’s development saying “It does not sound like the macro is getting dramatically better, but the better sales execution and new product momentum are helping Snowflake to deliver these results,”.
The stock price targets were raised by at least 20 analysts and three of them upgraded their ratings. The median price reached $185 which indicates a potential growth of %43.3.
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