Snowflake (SNOW) earnings Q3 2021

Earnings


Frank Slootman, CEO of Snowflake Inc. on Sept. 16th, 2020.

CNBC

Shares of Snowflake fell as much as 8% in extended trading on Wednesday after the data-warehousing software maker issued its first quarterly financial results as a public company.

Here’s how Snowflake performed:

  • Earnings: Loss of $1.01 per share.
  • Revenue: $159.6 million.

Snowflake’s revenue grew 119% year over year in its fiscal third quarter, which ended on Oct. 31, according to a statement. In the previous quarter it delivered 121% growth. Losses narrowed from $1.92 per share in the year-ago quarter, while gross margin fell to 58.2% from 59.6%.

The company’s software provides a cloud-based alternative to data warehouses that unify a variety of data and execute queries with on-premises hardware and software. The coronavirus pandemic has driven greater interest in Snowflake, CEO Frank Slootman has said.

The company said for the fiscal fourth quarter it expects $162 million to $167 million in product revenue, which represented 93% of total revenue in the fiscal third quarter. Snowflake said at that range, product revenue would be up 97% to 103% year over year.

Snowflake said it now has 65 customers contributing over $1 million in product revenue over the trailing 12 months. The company reported $927.9 million in remaining performance obligation for contracted revenue that hasn’t been recognized, up 240% on an annualized basis.

In September Snowflake completed its initial public offering and joined the New York Stock Exchange with Berkshire Hathaway and Salesforce investing. The stock closed at $253.93 per share on its first day of trading and has since increased about 15% since then, excluding Wednesday’s stock move, compared with a 8% increase for the S&P 500 over the same stretch.

Executives will discuss the results with analysts on a conference call starting at 5 p.m. Eastern time.

This is breaking news. Please check back for updates.

WATCH: Cramer’s lightning round: ‘Snowflake does not come in’



Source link

Products You May Like

Articles You May Like

How to give to a charity crowdfunding drive without getting scammed
Best islands in the Philippines? What to see and do in Batanes
Here’s what to evaluate before investing in the SPACs boom
How much Kevin O’Leary makes on Cameo
The business I’d start now would center around blockchain

Leave a Reply

Your email address will not be published. Required fields are marked *