Snowflake Inc.’s stock was rocketing more than 7% higher in Wednesday’s after-hours action as the software company delivered upbeat results and impressed with its forecast. The company logged a fiscal third-quarter net loss of $214 million, or 65 cents a share, compared with a loss of $201 million, or 63 cents a share, in the year-earlier period.
On an adjusted basis, Snowflake
SNOW,
+2.20%
posted earnings per share of 25 cents, up from 11 cents a year before, whereas analysts tracked by FactSet were modeling 16 cents. Revenue rose to $734 million from $557 million, while the FactSet consensus was for $714 million. Product revenue was $698 million, while analysts were looking for $669 million. “These results reflect strong execution in a broadly stabilizing macro environment,” Chief Executive Frank Slootman said in a release. Evercore ISI analyst Kirk Materne wrote that management’s “commentary around the stabilizing macro environment combined with the higher [fiscal fourth-quarter] guide gives us more confidence that [the fiscal fourth quarter] could ultimately represent a bottom in terms of normalized growth.” He noted that the comment from Snowflake’s executive team dovetailed with what other “hypergrowth” cloud and software-as-a-service names have been saying lately. The company reported $3.7 billion in remaining performanc …
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On an adjusted basis, Snowflake
SNOW,
+2.20%
posted earnings per share of 25 cents, up from 11 cents a year before, whereas analysts tracked by FactSet were modeling 16 cents. Revenue rose to $734 million from $557 million, while the FactSet consensus was for $714 million. Product revenue was $698 million, while analysts were looking for $669 million. “These results reflect strong execution in a broadly stabilizing macro environment,” Chief Executive Frank Slootman said in a release. Evercore ISI analyst Kirk Materne wrote that management’s “commentary around the stabilizing macro environment combined with the higher [fiscal fourth-quarter] guide gives us more confidence that [the fiscal fourth quarter] could ultimately represent a bottom in terms of normalized growth.” He noted that the comment from Snowflake’s executive team dovetailed with what other “hypergrowth” cloud and software-as-a-service names have been saying lately. The company reported $3.7 billion in remaining performanc …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]