After a sensational debut Snowflake on the NYSE on Wednesday, shares of the cloud storage and processing company are expected to fall ahead of trading on Thursday. Shares of Snowflake fell to 4.3%.
Snowflake brought 28 million shares to the public market to raise $ 3.36 billion during the largest software IPO in history. Shares of Snowflake more than doubled on the first day of trading, bringing the company’s market value to $ 70.4 billion, which is more than five times its estimate of $ 12.4 billion in February.
In the interview with CNBC, Snowflake CEO Frank Slutman commented on the stock’s rise at the start of trading: “The share costs exactly as much as someone wants to pay for it. It is like talking about the weather, it’s the way it is. Tomorrow is another day, see what it will bring. ”
Warren Buffett’s investment company Berkshire Hathaway has also agreed to buy 4.04 million shares of Snowflake under a secondary deal. Berkshire’s investment has become a landmark for many investors, as such a move goes against Buffett’s long-held belief not to invest in an IPO, whereas in the case of Snowflake, the famous billionaire made an exception and earned more than $ 800 million on the first day. The legendary investor has not invested in an IPO since Ford’s IPO in 1956.
Snowflake showed strong revenue growth for the last fiscal year ended January 31, on 173.9% to $ 264.7 million., although the net loss almost doubled to $ 348.54 million.
In contrast, Snowflake competes with similar offerings of cloud software from Amazon and Microsoft. Such competition with the “giants” of the industry can pose great risks, but one way out may be cooperation and integration of services.
Thus, Snowflake CEO Frank Slutman said his company is committed to the integration of Salesforce services, because many of its customers also store data there and want it to be easier to analyze in Snowflake applications.
Chinese e-commerce company JD.com Inc announced on Saturday that it will be the first platform in the country to accept China’s digital currency. The Central Bank of China will hold its second digital yuan lottery among citizens of Suzhou, near Shanghai on Friday. The total amount of playable digital yuan is 20 million ($ 3.06 […]
According to Bloomberg, citing documents submitted to the Securities and Exchange Commission (SEC), the short-term rental service Airbnb plans to raise $ 2.6 billion in listing in the US and receive an estimate of $ 35 billion. If the company manages to raise $ 2.6 billion, Airbnb’s placement will be the fourth largest IPO in […]
On Thursday, Amazon announced the release of its updated smart glasses Echo Frames starting on December 10. Now everyone will be able to buy it. The new product from Amazon for $ 250 will go on sale just before the holiday weeks, which is a good time to start the release. Analysts and market experts […]
The American company Airbnb, which is the operator of the rental service of the same name, expects to raise $ 1 billion through an initial public offering (IPO). This is stated in a statement posted on Monday on the website of the Federal Securities and Exchange Commission. The company clarifies that its plans are “preliminary […]
The state corporation Saudi Aramco is preparing to place dollar Eurobonds, a source in banking circles said. According to him, the company is considering the possibility of placing up to five tranches of Eurobonds: with a maturity of three years, five years, ten years, as well as thirty and / or fifty years. Starting on […]
Shares of Zoom and other companies, which rose amid the pandemic and lockdown, fell in trading on Monday. The reason was the announcement of two biotechnology companies about the successful testing of a promising vaccine, writes CNBC. Shares of the Zoom video conferencing service fell 17.4% by the end of the trading day. Amazon and […]
Shares of Alibaba, up 35.7% since the beginning of the year but down almost 8% this week, rose 5.3% during trading on Friday after China’s largest public company announced second-quarter results financial year 2021, which ended in September. Alibaba’s quarterly report was preceded by news of the termination of the IPO of financial technology company […]
Shares of Amazon, which rose by 73.8% since the beginning of the year (more than the growth of Apple, Microsoft, Google and Facebook), fell 2% after closing trading on Thursday, when the company released a report for the 3rd quarter, which ended September 30. Amazon set a new revenue record, e-commerce increased sales by 57% […]
Regulators fined the largest French mobile operator – The Orange Company in the amount of € 350 million. The reason for the fine is the abuse of a dominant market position. The supervisory authorities of France conducted an investigation and determined that since the early 2000, Orange fraudulently suppressed the competition in their field. The […]
Next
Union of the two big companies will create a major new giant in the consumer sector in the USA. According to analysts, the company will receive an annual income for more than $ 16 billion. The public learned about the unification of the companies at the beginning of December 2015. Newell Rubbermaid owns the brand […]
Next
Bayer AG is going to sell the part of its business in biotechnologies and productions of cotton spheres. It is concerned the Crop Science subsidiary Company. According to Liman Kondon, the company chairman, this industry sphere is money-making. There is no reason in finding buyers to Buyer. The decision was concluded by a pressure of […]
Next
In September 2020, the Italian company Lamborghini sold 738 cars worldwide. This is a new record for the company, according to its website. At the same time, in the third quarter of 2020, 2,083 Lamborghini cars were sold worldwide. In the spring of this year Lamborghini was forced to close all its plants for two […]
Next
McDonald’s F 32 has officially announced changes in the process of cooking its burgers. The buns will become softer and darker, and the company will bake them according to three different recipes. McDonald’s promises they will not have flavor enhancers: only natural ingredients to improve texture, frying and taste. The size of the buns was […]
Next
Office of the Attorney General suspects the former owner of Delta Bank, Mykola Lahun, of tax evasion in the amount of 33 million hryvnias. According to the investigation, in February 2015, the former owner of Delta Bank JSC received more than 153 million hryvnias as payment for the purchase of registered shares of the bank […]
Next
The Antimonopoly Committee of Ukraine allowed domestic pharmaceutical manufacturer “Farmak” to buy a Polish pharmaceutical company KWW Kotkowski Wierzbicki W?grzyn sp.j. “PJSC “Farmak” (Kiev) received the permission for indirect [through the company “Farmak Invest Limited” (Nicosia, Cyprus)] acquisition of shares in the authorized capital of the company “KWW Kotkowski Wierzbicki W?grzyn sp.j.”, which provides excess […]
Next
US President Donald Trump has expressed dissatisfaction with the fact that under the terms of the agreement between ByteDance and Oracle, the Chinese company will retain a majority stake in the TikTok service, and Oracle will have a minority stake. This Trump said during the press briefing at the White House. Responding to the question […]
Next
The price of shares of Coca-Cola today is 13.6% lower than at the beginning of 2020, and the profit with revenues of the second quarter fell by a third due to lower sales in restaurants and entertainments in the conditions of a pandemic. At the same time, shares of Coca-Cola are considered to be a […]
Next
Representatives of the Russian corporation Hotel Development reported the signing of an agreement for the sale of the hotel Radisson Blu Hotel Kiev Podol, previously owned by foreign shareholders. Estimated value of the transaction is approximately $ 10 million. With regard to information about the new owner of the four-star hotel in the prestigious district […]
Next
On 29 December last year, it took the deal on acquiring by Radekhiv sugar factory, which is one of the largest producers of sugar beet in the Ukrainian space, of four sugar factories belonging to agro-holding Mriia. It is reported by InVenture. According to Stepan Barna – The Chairman of Ternopil regional state administration , […]
Next
Many Ukrainian investors and businessmen have a great interest in working abroad. They dream of having their own business, but many of them have a lot of questions about how to start and organize their work abroad? They don’t have sufficient knowledge regarding law and special procedures for the organization of business. For those who […]
Next
The Russian office of the Swedish cosmetics company Oriflame suffered a series of cyberattacks, after which passport scans of 1.3 million Russian customers entered the network. The publication reports that as a result, passport data were put up for sale on the hacking forum RaidForums. “Passport scans of not only Russians, but also clients of […]
Next
The Polish company Green Factory is interested in renting 500 hectares for growing vegetables in the Zakarpatsky region. The company plans to create its own raw material base in Ukraine. This is said in the statement of the Zakarpatsky regional administration. “The Representatives of the Polish company Green Factory Holding, Rytel Arthur and Martin Kusmerovsky […]
Next
Special isothermal containers have been developed for the transportation and storage of the new coronavirus vaccine by the pharmaceutical companies Pfizer and BioNTech. This was announced by Pfizer CEO Albert Burla in an interview with The New York Times on Tuesday, November 17. “These containers are equipped with GPS sensors and thermometers inside so that […]
Next
Large tobacco company Philip Morris couldn’t prove that the new Australian legislation, which involves standardized packs for all manufacturers of cigarettes, violates the intellectual property rights of the brand. The company filed a lawsuit against the Government of Australia to the arbitration court in Singapore, that refused to consider the case on the grounds that […]
Next