Yahoo Finance Snowflake reports quarterly earnings
The data-management focused company reported revenue that beat expectations, giving shares of Snowflake a boost during after-hours trading, reports Yahoo! Finance's Ines Ferre.
Video transcript
ADAM SHAPIRO: Jared, I'm going to correct you. That's not the only thing green is the Christmas tree. You've also got Snowflake is up almost 14% after hours. And forgive me, I shouldn't be correcting Jared Blikre. The man writes algorithms in his sleep. Let's get to Ines. I believe Ines Ferre has Snowflake earnings for us.
INES FERRE: That's right, Adam. And shares are in the green in after hours after guidance coming in stronger than what the Street had been expecting. But let's get to the results, with third quarter revenue for Snowflake coming in at $334.4 million. That came in above estimates. The company's loss per share came in at $0.51. Adjusted operating margin came in at 3% versus a decline of 8% quarter over quarter.
The Street is really liking the product revenue guidance for the fourth quarter. That's reported to come in anywhere between $345 million to $350 million. The Street was expecting 317. And meanwhile, also, its full year product revenue is expected to come in at $1.13 billion, and the estimate from the Street was $1.07 billion. So, certainly, the Street really liking that top line beat and also the guidance. Adam.
