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Snowflake shares soar following income beat


Frank Slootman, CEO of Snowflake, on the day of its 2020 IPO, Sept. sixteenth, 2020.

CNBC

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.



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