• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Saturday, May 24, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Business

Snowflake Reports Financial Results for the Third Quarter of Fiscal 2022

by Ayush Bansal
December 2, 2021 - Updated On December 15, 2021
in Business, Markets, News
Reading Time: 13 mins read
0
Snowflake Reports Financial Results for the Third Quarter of Fiscal 2022
TwitterWhatsappLinkedin

Snowflake stock jumped after the software maker reported a narrower-than-expected loss for the third quarter while revenue blew past estimates. January-quarter guidance for SNOW stock also came in above expectations.

Snowflake Inc.’s revenue more than doubled in the latest period and the cloud-computing-services company issued a bullish outlook, cheering investors.

The Montana-based company, which went public last year and has yet to reach profitability, posted revenue of $334.4 million on Wednesday to generate a net loss of $154.9 million, beating Wall Street expectations.

Snowflake said revenue jumped 110% from a year earlier to $334.4 million. Analysts had estimated Snowflake revenue at $305.6 million.

Snowflake stock reported a loss of 51 cents a share using generally accepted accounting principles compared with a loss of $1.01 per share a year earlier. Analysts expected the company to report a loss of 60 cents. Snowflake stock does not break out adjusted earnings in its earnings releases.

Snowflake stock gained 9.2% to 339.70 in morning trading on the stock market today. SNOW stock had surged over 15% initially on the earnings release.

In Wednesday’s regular session, SNOW stock fell 7% amid a broad market sell-off. Snowflake stock had gained 12% in 2021 heading into the earnings report.

The provider of cloud-based data analytics software said product revenue rose 110% during the quarter to $312 million, compared with estimates of $284 million.

SnowFlake
Image: Wall Street Journal

SnowFlake Stock Growth

Snowflake, whose investors include Warren Buffett’s Berkshire Hathaway Inc. and Iconiq Capital LLC, an investment firm that manages money for some of the most prominent people in Silicon Valley, also has set high expectations for itself. The company in June said it would hit $10 billion in product revenue in its 2029 fiscal year.

On Wednesday, Snowflake said it had 5,416 customers as of Oct. 31, compared with 4,990 as of July 31. Company officials said 148 customers accounted for more than $1 million in product revenue over the past 12 months, including eight customers that accounted for more than $10 million.

“The 10% revenue beat was the largest since its IPO & Q4 guide was well above, all while SNOW stock hit a milestone of positive operating margin,” said Cowen analyst J. Derrick Wood in a report.

In addition, Snowflake said it now has 148 customers with “trailing 12-month product revenue greater than $1 million,” up from 116 such customers as of July 31.

For the current quarter ending in January, Snowflake forecasts product revenue in a range of $345 million to $350 million, topping estimates of $316 million.

 

Financial Statement:

You might also like

Ola Electric’s ₹1,700 Cr Debt Raise Signals a Bold Pre-IPO Bet

Weekly Business News: From Krispy Creme Acquisition to Builder.ai Bankruptcy

Weekly Startup Funding News: Indian startups raised $232 Mn this week; from CloudSEK to Mythik

Snowflake Inc.

Condensed Consolidated Statements of Operations

(in thousands, except share and per share data)

(unaudited)

Three Months Ended October 31,

Nine Months Ended October 31,

2021

2020

2021

2020

Revenue

$

334,441

$

159,624

$

835,553

$

401,584

Cost of revenue

120,786

66,681

324,253

159,684

Gross profit

213,655

92,943

511,300

241,900

Operating expenses:

Sales and marketing

190,971

134,727

540,678

325,267

Research and development

115,900

74,138

343,783

143,949

General and administrative

64,055

53,532

189,846

116,224

Total operating expenses

370,926

262,397

1,074,307

585,440

Operating loss

(157,271

)

(169,454

)

(563,007

)

(343,540

)

Interest income

1,985

1,517

6,787

5,654

Other income (expense), net

1,609

(519

)

9,867

(1,561

)

Loss before income taxes

(153,677

)

(168,456

)

(546,353

)

(339,447

)

Provision for income taxes

1,179

433

1,442

720

Net loss

$

(154,856

)

$

(168,889

)

$

(547,795

)

$

(340,167

)

Net loss per share attributable to common stockholders – basic and diluted

$

(0.51

)

$

(1.01

)

$

(1.84

)

$

(3.63

)

Weighted-average shares used in computing net loss per share attributable to common stockholders – basic and diluted

303,006,685

166,868,200

297,435,637

93,763,599

 

Tags: BuisnessEarningsresultsSnowflakes
Tweet54SendShare15
Previous Post

Facebook pulls back from crypto ad ban

Next Post

Shareholder vote force Microsoft to disclose sexual harassment cases

Ayush Bansal

Recommended For You

Ola Electric’s ₹1,700 Cr Debt Raise Signals a Bold Pre-IPO Bet

by Ishaan Negi
May 24, 2025
0
Ola Electric Faces Insolvency Petition From Vendor Over Unpaid Dues

In a significant financial move ahead of its highly anticipated IPO, Ola Electric has received board approval to raise ₹1,700 crore through non-convertible debentures (NCDs). This is the...

Read more

Weekly Business News: From Krispy Creme Acquisition to Builder.ai Bankruptcy

by Ishaan Negi
May 24, 2025
0
Weekly Business News: Top business updates in this week

Zepto Cafe’s Sudden Pause Shakes Up Quick Commerce In a surprising move, Zepto — one of India’s fastest-growing quick commerce startups — has temporarily paused operations of its...

Read more

Weekly Startup Funding News: Indian startups raised $232 Mn this week; from CloudSEK to Mythik

by Ishaan Negi
May 24, 2025
0
Weekly Startup Funding News: Indian startups raised $196 Mn this week; from Emiza to Leap

After weeks of tepid activity, India’s startup ecosystem sprang back to life between May 19 and 24, 2025, with a strong influx of capital, renewed investor confidence, and...

Read more
Next Post
Microsoft

Shareholder vote force Microsoft to disclose sexual harassment cases

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?