By Yasin Ebrahim
Investing.com - Snowflake fell in afterhours trading Wednesday as the data platform provider reported wider than expected fourth-quarter losses, though revenue more than doubled on increased demand.
Snowflake (NYSE:SNOW) fell more than 5% on the report. The stock has more than doubled from its IPO price of $120.
The company reported a loss of 70 cents for the quarter, compared with a prior-year loss of $1.67, but wider that the consensus estimates for loss of 17 cents loss. Revenue for Q4 was $190.5 million, representing 117% year-over-year growth, above consensus of $178.5 million
The company now has 4,139 total customers and 77 customers with trailing 12-month product revenue greater than $1 million.
"These results indicate that customers across multiple industries rely on the Snowflake Data Cloud to mobilize their data and enable breakthrough data strategies," the company said.
For the first quarter, the company guided revenue in the range of $195 million to $200 million, up 92% to 96%. Analysts polled by FactSet were looking for $196.3 million in product revenue.