Snowflake shares soar following revenue beat

Frank Slootman, CEO of Snowflake, on the day of its 2020 IPO, Sept. sixteenth, 2020.

CNBC

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.

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