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Snowflake (SNOW) reported third-quarter earnings that met expectations whereas income topped Wall Avenue targets. The enterprise software program maker’s product income steerage got here in under expectations, and SNOW inventory tumbled.
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For the quarter ending Oct. 31, Snowflake mentioned it misplaced 63 cents per share versus a 51-cent loss a 12 months earlier. Analysts polled by FactSet anticipated Snowflake to report a lack of 63 cents a share.
The corporate studies outcomes utilizing typically accepted accounting ideas, or GAAP. Snowflake doesn’t escape adjusted earnings in its releases.
Third-quarter income climbed 67% to $557 million, the software program maker mentioned. Analysts had predicted income of $539.4 million.
SNOW Inventory: Income Outlook Misses
The Snowflake earnings report additionally mentioned product income rose 67% to $522.8 million vs. estimates of $505.2 million.
For the present quarter ending in January, Snowflake expects product income of $537.5 million on the midpoint of steerage. Analysts had anticipated $549.2 million.
SNOW inventory tumbled 13% to close 124 in prolonged buying and selling on the inventory market immediately.
Snowflake inventory is down 57% for 2022 heading into the earnings report.
Snowflake sells information analytics and administration instruments that run on cloud-computing platforms reminiscent of Amazon Internet Companies, a part of Amazon.com (AMZN).
Amid the bear market in software program progress shares, the software program inventory had a Relative Energy Score of 24 out of a best-possible 99, in keeping with IBD Inventory Checkup.
Comply with Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wi-fi, synthetic intelligence, cybersecurity and cloud computing.
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