Data analytics and AI software company Databricks announced on the 13th that it has raised $5 billion at a valuation of $190 billion. The valuation in its previous round six months ago was about $134 billion, and this round was led by new investor Sixth Street Growth, alongside existing investors such as Coatu, Blackstone, and MGX. The company said its annualized revenue has surpassed $7 billion, and second-quarter revenue grew more than 80% year over year. The funds raised will be used for investments in its Lakebase database, the Genie AI assistant, and the Unity AI Gateway platform.
Raised $5 billion at a higher valuation, indicating strong financial backing and growth.
Sixth Street GrowthPrivate▲ Positive
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Led the funding round as a new investor, gaining exposure to a high-growth company.
Coatue Management, LLCPrivate± Mixed
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MGXPrivate± Mixed
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Snowflake Earns Zacks Rank #2 as Earnings Estimates Climb
Snowflake Inc. is drawing heightened investor attention after Zacks Investment Research highlighted sharply rising earnings estimates for the data-warehousing company. For the current quarter, Snowflake is expected to post earnings of $0.60 per share, a change of +71.4% from the year-ago quarter, while the Zacks Consensus Estimate has moved +17.5% over the last 30 days. For the current fiscal year, the consensus earnings estimate of $2.19 points to a change of +75.2% from the prior year, and for the next fiscal year the consensus estimate of $2.84 indicates a change of +29.6%. On revenue, the consensus sales estimate for the current quarter of $1.64 billion indicates a year-over-year change of +35.5%, with current and next fiscal year estimates of $6.29 billion and $8 billion pointing to changes of +34.2% and +27.3%, respectively. In its last reported quarter, Snowflake posted revenues of $1.55 billion, a year-over-year change of +35.1%, and EPS of $0.62 versus $0.35 a year ago, beating the Zacks Consensus revenue estimate of $1.47 billion by +4.91% and the EPS estimate by +37.78%. Citing the size of the recent change in the consensus estimate along with three other earnings-related factors, Zacks rates Snowflake Zacks Rank #2 (Buy), though the stock carries a Zacks Value Style Score of F, indicating it trades at a premium to its peers.
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