Databricks, valued last year at $38 billion, is now focusing on industries such as retail, and its CEO isn’t worried about a cloud sell-off in recent weeks.
and other high-growth names, has fallen 8% so far in 2022 and is 27% off its record high in November.
Databricks, which ranked 37th on CNBC's 2021 Disruptor 50 list, said in August that it was generating $600 million in annual recurring revenue, up 75% year over year. That's a faster expansion than all but two of the 58 companies in the WisdomTree cloud group. Bill.com and Snowflake reported growth in the most recent quarter of 152% and 110%, respectively.
Ghodsi said the important thing for Databricks and the broader sector is that spending continues to shift in their favor. "Maybe it's early days, because this market correction just is happening now, but I haven't seen any sort of, 'Hey, let's change how we spend on data and AI and analytics,'" Ghodsi said.
As a private company, Databricks can continue to focus on picking up customers, and right now it's aiming to reach more businesses in commerce and consumer goods. On Thursday, Databricks introduced the Databricks Lakehouse for Retail to provide better data and artificial intelligence tools to companies in the industry. Early adopters include H&M Group,
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