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Good Morning! 👋
Happy Thursday! One more day until Friday:
👉 Snowflake earnings are in
👉 Salesforce offers new dividend
👉 Bitcoin ETFs are a success
SNOWFLAKE: Earnings Are In
Snowflake announced the retirement of its CEO, billionaire Frank Slootman, who will be succeeded by former Google ad chief Sridhar Ramaswamy. Slootman, who led Snowflake's record-setting IPO in 2020, will remain as chairman. Following the news, Snowflake's shares dropped 24% in after-hours trading. Ramaswamy, with a 15-year stint at Google and founder of Neeva, takes the helm after Snowflake acquired Neeva for $185 million.
Source: CNBC
Snowflake reported a 32% sales increase to $774.7 million in the fourth quarter, but operating losses widened, and revenue forecasts fell short of expectations. Slootman's 2023 compensation was $23.7 million, largely in stock, owning shares worth approximately $2.4 billion. Prior to Slootman, Snowflake was valued at $4 billion under Bob Muglia, reaching a $75 billion market cap before the share price drop.
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SALESFORCE: Offers New Dividend
Salesforce's shares dipped, then rebounded to a 1% gain in after-hours trading. This comes after a conservative revenue outlook and the announcement of a new 40 cents per share dividend. The company reported a 10.8% increase in quarterly revenue and a shift to $1.45 billion net income from a prior loss, despite a 9% drop in professional services revenue. Salesforce is acquiring Spiff and expanding its Amazon Web Services Marketplace offerings.
Source: INC
Projected first-quarter earnings are slightly above analyst expectations, with fiscal year 2025 revenue forecasted to show an 8.6% growth, albeit below analyst projections. The company credits AI adoption for future margin growth and has seen a 14% stock increase this year.
BITCOIN: ETFs Are A Success
New US Bitcoin ETFs have injected over $7 billion into the market, spiking Bitcoin's price by 45% to $63,000. This rise approaches the $69,000 record, influenced by the upcoming halving.
Source: Watcher.Guru
Bitcoin's recent rally surpasses stocks, with ETFs from major players like BlackRock and Fidelity boosting trading volumes to nearly $8 billion. The enthusiasm is evident as the funding rate for perpetual futures hits a high not seen since 2021, signaling a strong interest in bullish bets on Bitcoin's future gains.
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Source: Statista
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