Snowflake 2Q Losses Widen, Hit by Operating Costs
24 August 2023 - 7:04AM
Dow Jones News
By Sabela Ojea
Snowflake saw its losses widen in a latest quarter, marked by
higher operating expenses and product revenue growth.
The cloud company on Wednesday posted a net loss for the fiscal
second quarter ended July 31 of $226.9 million, or 69 cents a
share, compared with a loss of $222.8 million, or 70 cents a share,
for the year-earlier period. Analysts surveyed by FactSet had
expected losses per share of 72 cents.
Operating expenses climbed to $741.0 million from $531.7 million
last year.
Revenue rose 36% to $674.0 million, further boosted by its
product top line performance. Analysts polled by FactSet had
forecast revenue of $662.64 million.
The company now has 402 customers with trailing 12-month product
revenue greater than $1 million, representing 62% growth from a
year earlier.
Write to Sabela Ojea at sabela.ojea@wsj.com
(END) Dow Jones Newswires
August 23, 2023 16:49 ET (20:49 GMT)
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