Snowflake (NYSE: SNOW) stock made big gains in Friday’s trading. The data technology company’s share price ended the daily session up 9.4%, according to data from S&P Global Market Intelligence.
While there wasn’t any company-specific news driving Snowflake higher today, the company’s valuation benefited from strong earnings results published by leading cloud services providers. In particular, Amazon’s better-than-expected fourth-quarter results helped give Snowflake’s share price a major boost.
Strong cloud demand bodes well for Snowflake
Snowflake is a leading provider of data-warehousing services and related analytics and data management technologies. The company’s Data Cloud platform helps large businesses and organizations combine information that is generated across Amazon, Microsoft, and Alphabet‘s cloud infrastructure services. In turn, strong demand indicators for leading cloud…
