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Snowflake shares soar following revenue beat

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Frank Slootman, CEO of Snowflake, on the day of its 2020 IPO, Sept. sixteenth, 2020.

CNBC

Shares of the cloud data platform provider Snowflake popped greater than 17% in prolonged trading on Wednesday after the corporate released second-quarter earnings that beat analysts’ revenue expectations.

Here’s how the corporate did:

  • EPS: Lack of 70 cents
  • Revenue: $497 million vs. $467 million expected, in accordance with Refinitiv

The corporate’s revenue for the quarter ended July 31 grew 83% yr over yr to $497 million, a slight downtick from last quarter’s 85% growth. The biggest a part of revenue, product revenue ,also grew 83% yr over yr to $466.3 million. Product revenue is a key metric for Snowflake because it recognizes revenue based on platform consumption.

Snowflake said it anticipates product revenue shall be between $500 and $505 million in its third quarter, and between $1.91 billion and $1.92 billion for the total yr. Product gross profit margins, operating income margins and adjusted free money flow are expected to be 75%, 2% and 17% respectively for the total yr.

Snowflake said it had 6,808 customers within the quarter, and that was above the FactSet consensus estimate of 6,739, acording to StreetAccount.

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