Snowflake (SNOW) earnings Q3 2022
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Frank Slootman is CEO at Snowflake on the occasion of its 2020 IPO. Slootman is known for being a strong leader who can be straight forward. He recently stated to CNBC that he has been in many board meetings of other companies where the CEO would present a list with 10 priority items… it’s just like having no priorities.”
CNBC
Stocks Snowflake data-analytics software company were up more than 13% on Wednesday after it released third-quarter earningsThis exceeded analyst expectations regarding revenue and gave strong guidance on product revenue.
This is how it worked:
- Earnings: Loss of 51 cents per share
- Revenue: $334.4 million, vs. $305.6 million expected by analysts, according to Refinitiv.
The fiscal third quarter ended Oct. 31, and saw revenue grow 110% over the previous year. In the previous quarter revenue increased by 104%. After $168.9 million in the previous year, the net loss of the company was $154.9 Million.
Snowflake gave fourth quarter revenue guidance for products between $345million and $350million. This would be year-over-year growth of 94% to 96%. It was above the FactSet consensus estimate (315.9 Million).
Snowflake expected to generate product revenues of $1.126 billion-1.131 billion for the entire 2022 fiscal year. This would translate into a year-over-year increase of between 103% to 104%. The guidance was higher than the $1.06 and $1.07 billion FactSet consensus.
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