Q3 Earnings Alert! Plan early for this week’s stock reports with all key data in 1 placeSee list

Snowflake Plunges On Earnings Miss

Published 03/02/2022, 04:25 PM
Updated 03/02/2022, 04:27 PM
© Shutterstock
SNOW
-

By Sam Boughedda

Investing.com -- Shares of Snowflake Inc (NYSE:SNOW), the cloud computing-based data warehousing company, plunged 30% in extended trading Wednesday after the company reported its earnings for the fourth quarter.

Snowflake announced a loss per share of 43 cents on revenue of $383.77 million. Analysts polled by Investing.com anticipated EPS of 2 cents on revenue of $372.73 million. Revenue representing 101% year-over-year growth.

For the quarter, the company's product revenue was $359.6 million, representing 102% year-over-year growth. In addition, the net revenue retention rate was 178% as of January 31. Snowflake said it now has 5,944 customers and 184 customers with trailing 12-month product revenue greater than $1 million.

“Snowflake finished fiscal 2022 with record-breaking consumption and bookings results, including triple-digit product revenue growth,” said Frank Slootman, the chairman and CEO of Snowflake. “Remaining performance obligations were $2.6 billion, representing year-on-year growth of 99%. Our net revenue retention rate reached 178% driven by continued growth from our largest customers.”

The company sees first-quarter fiscal 2023 product revenue between $383 million and $388 million. Full-year fiscal 2023 revenue is expected to range from $1.88 billion to $1.9 billion.

Furthermore, in a separate release, Snowflake announced the acquisition of Streamlit, an open-source app framework for Machine Learning and Data Science teams.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.