Snowflake Soars on Upbeat Revenue Outlook After Q3 Results Beat By
© Shutterstock
By Yasin Ebrahim
- Snowflake jumped in afterhours trading Wednesday as the data platform provider reported strong fourth-quarter guidance after reporting better-than-expected third-quarter results as its international push bolstered performance.
Snowflake (NYSE:SNOW) shares rose more than 11% on the report.
The company guided fourth quarter product sales in a range of $345 million to $350 million, that was well above analysts' estimates for the total revenue for the quarter of $339 total revenue.
The company reported a loss of 51 cents for the quarter on revenue of $334.4 million. Analysts' estimates were a loss of 61 cents on revenue of $305.6 million. “Snowflake saw momentum accelerate in Q3, with product revenue growing 110% year-on-year to $312.5 million," the company said. "Continued international expansion during the quarter resulted in product revenue from the EMEA and APJ regions up 174% and 219% year-on-year, respectively." For the full year, product revenue was expected in a range of $1.13 billion to $1.13 billion.Statement:
The content of this article does not represent the views of fxgecko website. The content is for reference only and does not constitute investment suggestions. Investment is risky, so you should be careful in your choice! If it involves content, copyright and other issues, please contact us and we will make adjustments at the first time!