From CNBC: 2024-11-20 17:25:34

Snowflake debuted on the New York Stock Exchange on Dec. 21, 2021. The company’s shares surged 19% in after-hours trading following a strong fiscal third-quarter earnings report. Snowflake reported earnings per share of 20 cents, beating analyst expectations of 15 cents. Revenue came in at $942 million, exceeding estimates of $897 million.

The company’s total revenue increased by 28% year over year in the quarter ending on Oct. 31. Snowflake’s net loss widened to $324.3 million, or 98 cents per share, compared to $214.3 million, or 65 cents per share, in the same quarter a year ago. Product revenue accounted for 96% of total revenue, with a forecast of $3.43 billion in fiscal 2025 product revenue.

Snowflake aims for 29% growth in product revenue for fiscal 2025, up from previous forecasts. The company is focused on cost-saving measures and efficiency improvements. Snowflake reported 10,618 customers as of October, slightly higher than analyst expectations. The company also announced partnerships with Anthropic and Datavolo.

Despite facing competition from cloud providers like Amazon and Microsoft, Snowflake continues to collaborate with them for computing resources. The stock was down 35% in 2024, while the S&P 500 index was up 24%. Executives discussed the results with analysts in a conference call at 5 p.m. ET.



Read more at CNBC:: Snowflake (SNOW) Q3 earnings report 2025