Shares of Infobird Co., Ltd (NASDAQ: IFBD) skyrocketed 15.67% at the time of writing on Thursday. The strong performance of the firm has highlighted the positive sentiments of the investors after the firm disclosed that it has been added in an editorial published by NetworkNewsWire (NNW), one of 50+ reliable brands within the InvestorBrandNetwork (IBN).
It has been disclosed that cloud infrastructure expenditure in China surged from about USD 107 billion in 2019 to $142 billion in 2020. It has soared more than 32% in the last quarter of the year. The cloud migration in China is quickening and is propelled by long-term structural developments in the digitization of the economy of the state coupled with an enhanced business acknowledgment of cloud and SaaS solutions, all suggesting enormous sector growth.
Shares of Infobird Co., Ltd went up 15.67% as it gained +0.60 during the trading session of Thursday. The firm has recorded a trading volume of 15.19 million as compared to the average volume of 1.78 million. In the past 52-weeks of a trading session, the share of the firm surged 39.05% from its past 52-week low and plunged -56.44% from its past 52-week high. Infobird has a total market capitalization of $102.45 million at the time of writing.
The SaaS market in the country is particularly uneven. The top 10 vendors reported for only about 35% of the total market share. Infobird Co., Ltd has disclosed that it has decided to roll out the next generation of SaaS in China to secure a share of the huge market. With its previous years of operation encounters, the firm has worked for many leading firms in various industries.