Frank Slootman, CEO of Snowflake, on the day of its 2020 IPO, Sept. sixteenth, 2020.
Shares of the cloud information platform supplier Snowflake popped greater than 17% in prolonged buying and selling on Wednesday after the corporate launched second-quarter earnings that beat analysts’ revenue expectations.
Here’s how the corporate did:
- EPS: Loss of 70 cents
- Revenue: $497 million vs. $467 million anticipated, in accordance with Refinitiv
The firm’s revenue for the quarter ended July 31 grew 83% yr over yr to $497 million, a slight downtick from final quarter’s 85% development. The largest a part of revenue, product revenue ,additionally grew 83% yr over yr to $466.3 million. Product revenue is a key metric for Snowflake because it acknowledges revenue primarily based on platform consumption.
Snowflake stated it anticipates product revenue can be between $500 and $505 million in its third quarter, and between $1.91 billion and $1.92 billion for the total yr. Product gross revenue margins, working revenue margins and adjusted free money circulation are anticipated to be 75%, 2% and 17% respectively for the total yr.
Snowflake stated it had 6,808 prospects within the quarter, and that was above the FactSet consensus estimate of 6,739, acording to StreetAccount.