Snowflake 1Q Revenue Beats Expectations, Loss Narrows
26 May 2022 - 6:49AM
Dow Jones News
By Denny Jacob
Snowflake Inc. reported a narrower loss and better-than-expected
revenue in the first quarter.
The company, which provides cloud data warehousing software,
narrowed its net loss to $165.8 million, or loss of 53 cents a
share, in the quarter ended April 30, compared with a net loss of
$203.2 million, or a loss of 70 cents a share, a year earlier.
Analysts polled by FactSet expected a loss of 52 cents a share.
Revenue rose to $422.4 million from $228.9 million. Analysts
polled by FactSet expected $413.7 million.
Snowflake said it had 6,322 customers in the first quarter. Two
hundred and six customers accounted for more than $1 million in
product revenue over the past 12 months.
The company guided for revenue between $435 million and $440
million in the second quarter. For fiscal 2023, it guided for
revenue between $1.89 billion and $1.9 billion, a slight uptick
from its prior range of $1.88 billion and $1.9 billion.
Shares of Snowflake declined 13.5% to $114.90 in after-hours
trading.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
May 25, 2022 16:34 ET (20:34 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Snowflake (NYSE:SNOW)
Historical Stock Chart
From Apr 2024 to May 2024
Snowflake (NYSE:SNOW)
Historical Stock Chart
From May 2023 to May 2024