Snowflake beats revenue forecast but posts bigger loss than expected
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Cloud data warehouse firm Snowflake Inc. beat expectations today for its fiscal fourth-quarter revenue, but a larger-than-expected loss caused its stock to dive in after-hours trading before it recovered later.
The company reported a loss before certain costs such as stock compensation of 70 cents per share on revenue of $190.5 million, up 117% from the same period one year ago. Wall Street had forecast a loss of just 17 cents per share on lower revenue of $179 million.
Snowflake added that its product revenue in the quarter came to $178.3 million, above the $167 million estimate. However, it posted a net loss of $199 million, up from a loss of $83 million one year ago. For the full year, Snowflake’s product revenue jumped 120%, to $553.8 million.