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Snowflake (SNOW) earnings Q3 2023

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The Latest York Stock Exchange welcomes Snowflake (NYSE:SNOW), on Tues. Dec twenty first, 2021, to usher in the primary day of winter. To honor the occasion, Snowflake the bear, joined by Chris Taylor, Vice President, NYSE Listings and Services, rings The Opening Bell®.

NYSE

Shares of the cloud data platform provider Snowflake fell greater than 5% in prolonged trading on Wednesday after the corporate released third-quarter results that beat estimates but offered light product revenue guidance.

Here’s how the corporate did:

  • Earnings per share: 11 cents, adjusted, vs. 4 cents expected by analysts, in keeping with Refinitiv
  • Revenue: $557 million vs. $539 million expected by analysts, in keeping with Refinitiv

The corporate’s revenue was up 67% yr over yr, but that growth was lower than the 83% increase last quarter. The biggest a part of revenue, product revenue, also grew 67% yr over yr to $523 million. Product revenue is a key metric for Snowflake because it recognizes revenue based on platform consumption.

Snowflake said it anticipates product revenue can be between $535 million and $540 million in its fourth quarter, wanting the $553 million expected by analysts estimates in keeping with StreetAccount. The corporate expects to report between $1.919 billion and $1.924 billion for the complete yr.

Product gross profit margins, operating income margins and adjusted free money flow are expected to be 75%, 3% and 21% respectively for the complete yr.

Snowflake said it had 7,292 customers within the quarter, which ended Oct. 31.

The corporate will hold its quarterly call with investors Wednesday at 5 p.m. ET.

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