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Snowflake shares soar following revenue beat


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


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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