Profit Snowflake (SNOW) Q3 2021

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

Here’s how Snowflake behaved:

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

Snowflake’s revenue grew 119% year-over-year in its fiscal third quarter, which ended Oct. 31, according to a statement. In the previous quarter, it recorded a growth of 121%. Losses declined $ 1.92 per share in the last year’s quarter, while the 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 perform queries with on-premises hardware and software. The coronavirus pandemic has sparked greater interest in Snowflake, CEO Frank Slootman said.

The company said for the fiscal fourth quarter that it projected revenue of $ 162 million to $ 167 million, which was 93% of total revenue for the fiscal third quarter. Snowflake said within that range, product revenue would grow 97% to 103% year over year.

Snowflake said it now has 65 customers contributing more than $ 1 million in revenue generated in the past 12 months. The company declared $ 927.9 million of residual performance obligation for contractual products that were not recognized, up 240% on an annual basis.

In September, Snowflake completed its IPO and joined the New York Stock Exchange with Berkshire Hathaway and Salesforce investing. The stock closed at $ 253.93 per share on the first day of trading and has since risen around 15% since then, excluding the stock move on Wednesday, compared to an 8% increase for the S&P. 500 over the same period.

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

This is the latest news. Please come back for updates.

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