Banking

Snowflake Stock Falls As April Quarter Product Revenue Guidance Edges By Views

Snowflake stock fell after the software maker reported a narrower loss for the January quarter from a year earlier as revenue topped expectations. Snowflake product revenue guidance for the April quarter edged by analyst estimates.




X



San Mateo, Calif.-based Snowflake (SNOW) late Wednesday reported a loss of 70 cents per share, compared with a $1.67 loss in the year-earlier period using generally accepted accounting principles, or GAAP.

Revenue jumped 117% to $190.5 million, slowing from the previous quarter’s 119% growth. Snowflake said product revenue rose 116% to $178.3 million vs. estimates of $166.8 million.

Analyst estimates called for Snowflake to report a non-GAAP, adjusted loss of 17 cents on sales of $178.5 million for the period ended Jan. 31. Non-GAAP results exclude stock compensation. Snowflake did not break out non-GAAP earnings in its release.

Snowflake Stock: Product Revenue Guidance Edges By Estimates

For the current quarter ending in April, Snowflake forecast product revenue in a range of $195 million to $200 million. At the midpoint of its guidance, its outlook edged by estimates for $195.7 million.

The Snowflake earnings report sent shares falling 4.3% to 236.30 in after-hours trading on the stock market today. In Wednesday’s regular session, Snowflake stock fell 8.7%.

Snowflake sells software that analyzes business data using cloud computing services from Amazon.com (AMZN) and others.

The Snowflake initial public offering on Sept. 16 raised $3.4 billion and set a record as the largest U.S. software IPO ever. The relative strength line of Snowflake stock has weakened since the expiration of the IPO lockup period in early January.

Heading into the Snowflake earnings report, the software maker had a Relative Strength Rating of only 14 out of a best-possible 99.

Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.

YOU MAY ALSO LIKE

How This IBD Tool Simplifies The Search For Top Stocks

Get Full Access to IBD Stock Lists And Ratings

Find Compelling Growth Stocks With IBD’s Stock Of The Day

View Breakout Stocks & Technical Analysis

These Stocks Earned A Spot On The IBD Leaderboard



Most Related Links :
usanewswall Governmental News Finance News

Source link

Back to top button