By Ben Glickman

Snowflake posted a wider loss in the fiscal third quarter despite the company's revenue surging.

The data-cloud company posted a loss of $214.3 million, or 65 cents a share, in the quarter ended Oct. 31, compared with a loss of $200.9 million, or 63 cents a share, a year earlier. Analysts polled by FactSet expected a per-share loss of 76 cents.

Revenue rose 32% to $734.2 million, beating the $713.8 million expected by analysts polled by FactSet.

The company's product revenue rose 34% to $698.5 million in the quarter, surpassing the $669.2 million forecast by analysts and topping the company's own guidance.

Snowflake Chief Executive Frank Slootman said the surging product revenue was caused by "strong execution in a broadly stabilizing macro environment."

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

November 29, 2023 16:32 ET (21:32 GMT)

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