Snowflake (SNOW) posted its third-quarter fiscal 2022 results on Dec.1. The cloud-based data-services firm, headquartered in Bozeman, Montana, beat prior revenue guidance for the quarter. SNOW shares gained 11.88% as of 09:53 am EST this morning.
Third-Quarter Earnings and Revenue
Snowflake, which only went public in September 2020, reported $334.4 million in revenue for the quarter, which is a 110% year-over-year increase. Prior forecasts were more in the $305.6 million range. As far as earnings go, the company reported a loss of $0.51 per share.
CEO Comments
“Snowflake saw momentum accelerate in Q3, with product revenue growing 110% year-on-year to $312.5 million. Continued international expansion during the quarter resulted in product revenue from the EMEA and APJ regions up 174% and 219% year-on-year, respectively,” CEO Frank Slootman remarked.
Outlook
Snowflake’s fourth-quarter product revenue guidance is now in the $345 million to $350 million range (94 to 96% year-over-year growth), ahead of prior estimates that fell more in the $315 million range. Full-year 2022 fiscal year product revenue is now forecast for $1.126 billion to $1.131 billion, which is also ahead of market expectations.
