- Shares of Snowflake were up more than 13% after it surpassed analyst expectations for third-quarter revenue.
- The data-analytics software company also provided fourth quarter product revenue guidance between $345 million and $350 million, above the FactSet consensus estimate of $315.9 million.
Shares of the Snowflake data-analytics software company were up more than 13% on Wednesday after it released third-quarter earnings that surpassed analyst expectations for revenue and provided strong product revenue guidance.
Here's how the company did:
- Earnings: Loss of 51 cents per share
- Revenue: $334.4 million, vs. $305.6 million expected by analysts, according to Refinitiv.
Get San Diego local news, weather forecasts, sports and lifestyle stories to your inbox. Sign up for NBC San Diego newsletters.
Revenue grew 110% year over year in the fiscal third quarter, which ended on Oct. 31. In the previous quarter revenue increased by 104%. The company's net loss decreased to $154.9 million, down from $168.9 million a year prior.
Snowflake provided fourth quarter product revenue guidance between $345 million and $350 million. That would represent year-over-year growth between 94% and 96%. The projection came in above the FactSet consensus estimate of $315.9 million.
For the full 2022 fiscal year Snowflake called for $1.126 billion to $1.131 billion in product revenue. That would represent year-over-year growth between 103% and 104%. That guidance was also above the $1.06 billion and $1.07 billion FactSet consensus.