By Yasin Ebrahim
Investing.com - Snowflake slumped after-hours Wednesday as the cloud company reported wider-than-expected third-quarter losses on a jump in costs.
Snowflake (NYSE:SNOW) fell more than 6% following the report.
The company reported Q3 losses of $1.01 a share, from a loss of $1.92 in the prior-year period, compared with Wall Street estimates for a loss of 26 cents a share. Revenue rose 115% to $148.5 million, beating estimates of $148.7 million
"The company now has 3,554 total customers and 65 customers with trailing 12-month product revenue greater than $1 million," Snowflake said. "The period was marked by continued strong revenue growth coupled with improving unit economics, cash flow, and operating efficiencies."
Looking ahead to the fourth quarter, the company guided revenue of $162 million to $167 million, implying 97% to 103% growth year-on-year respectively.