Frank Slootman, CEO of Snowflake, on the day of its 2020 IPO, Sept. sixteenth, 2020.
Shares of the cloud information platform supplier Snowflake popped greater than 17% in prolonged buying and selling on Wednesday after the corporate released second-quarter earnings that beat analysts’ income expectations.
This is how the corporate did:
- EPS: Lack of 70 cents
- Income: $497 million vs. $467 million anticipated, in keeping with Refinitiv
The corporate’s income for the quarter ended July 31 grew 83% yr over yr to $497 million, a slight downtick from final quarter’s 85% development. The biggest a part of income, product income ,additionally grew 83% yr over yr to $466.3 million. Product income is a key metric for Snowflake because it acknowledges income based mostly on platform consumption.
Snowflake mentioned it anticipates product income might be between $500 and $505 million in its third quarter, and between $1.91 billion and $1.92 billion for the complete yr. Product gross revenue margins, working revenue margins and adjusted free money circulation are anticipated to be 75%, 2% and 17% respectively for the complete yr.
Snowflake mentioned it had 6,808 clients within the quarter, and that was above the FactSet consensus estimate of 6,739, acording to StreetAccount.