Snowflake Surges to Record High

Snowflake, which operates a cloud platform for managing data, saw its shares soar to a record high on Friday. Stock in the San Mateo-based company went up $47.81 or 14% to close at $387.70.

The company went public just last September at $120 per share. The stock quickly doubled and has more than tripled its IPO price. Snowflake now has a market cap of $107 billion.

The stock took off after Snowflake announced strong earnings on Wednesday. Total revenue for the third quarter of 2021 was $159.6 million, representing 119% year-over-year growth. Product revenue was $148.5 million, representing 115% year-over-year growth.

The company said it now has 3,554 total customers and 65 customers with trailing 12-month product revenue greater than $1 million.

“We are pleased with our performance this first quarter as a public company,” Snowflake CEO, Frank Slootman said. “The period was marked by continued strong revenue growth coupled with improving unit economics, cash flow, and operating efficiencies. Our vision of the Snowflake Data Cloud mobilizing the world’s data is clearly resonating across our customer base.”

It’s been a good week for Slootman personally. Slootman has 15,213,149 options on Snowflake shares that have been vesting monthly since he was hired on April 2019 for 48 months. The strike price for the options is just $8.88 each. Based on Friday’s close, Slootman’s options are worth over $5.8 billion.