Current Latest News
Business

Snowflake (SNOW) earnings Q4 2021

Frank Slootman, CEO, Snowflake

Source: CNBC

Snowflake shares fell about 4% in extended trading on Wednesday after the data analytics software company gave full-year guidance that met but did not exceed analysts’ estimates. The stock had already dropped about 9% during regular trading Wednesday, amid a broad sell-off in tech stocks.

Here’s how the company did:

  • Earnings: Loss of 70 cents per share
  • Revenue: $190.5 million, vs. $178.5 million as expected by analysts, according to Refinitiv.

The company’s revenue increased by 117% on an annualized basis in the fiscal fourth quarter, which ended Jan. 31, according to a statement. In the prior quarter had grown 119%.

In the quarter Snowflake announced new features for developers and support for unstructured data such as audio and video files.

With respect to guidance, Snowflake said it expects $195 million to $200 million in product revenue in the fiscal first quarter, which would be up 92% to 96% year over year. Analysts polled by FactSet were looking for $196.3 million in product revenue. Almost 94% of Snowflake’s revenue came from product revenue in the fiscal fourth quarter.

For the full 2022 fiscal year, the company sees $1.00 billion to $1.02 billion in product revenue, representing 81% to 84% growth, a decline from 116% product revenue growth in the fiscal fourth quarter. Analysts polled by FactSet had expected $1.01 billion in product revenue.

Snowflake went public in September. Excluding the after-hours move, Snowflake stock has fallen 11% since the start of 2021, while the S&P 500 index is up 2% over the same period.

Executives will discuss the results on a conference call starting at 5 p.m. Eastern time.

This is breaking news. Please check back for updates.

WATCH: Snowflake CEO on his 2021 cloud outlook

Source link

Related posts

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy