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Snowflake Plunges On Earnings Miss -Breaking

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Sam Boughedda

Investing.com — Shares Snowflake Inc Extended trading on Wednesday saw a 30% drop in the stock of the cloud-based data warehousing firm (NYSE:), after the company announced its fourth quarter results.

Snowflake posted a loss of 43c per share for revenue of $383.77 Million. According to analysts polled Investing.comFor revenue of $372.73 millions, the expected EPS is 2 cents. The revenue represents 101% growth year-overyear.

Product revenue for quarter was 359.6 million. This represents 102% growth year-overyear. The net revenue retention rate stood at 178% on January 31. Snowflake reported that the company now has 5,944 clients and 184 customers who have a trailing twelve-month revenue of more than $1,000,000.

“Snowflake finished fiscal 2022 with record-breaking consumption and bookings results, including triple-digit product revenue growth,” said Frank Slootman, the chairman and CEO of Snowflake. “Remaining performance obligations were $2.6 billion, representing year-on-year growth of 99%. Our net revenue retention rate reached 178% driven by continued growth from our largest customers.”

First-quarter fiscal 2023 product revenues are expected to be between $383 million & $388 million. Revenue for the full year fiscal 2023 will range between $1.88 and $1.9 Billion.

Snowflake has also released a separate announcement confirming the acquisition by Snowflake of Streamlit. Streamlit is an open-source platform for Machine Learning and Data Science teams.

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