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Snowflake (SNOW) earnings Q3 2023

The New York Inventory Change welcomes Snowflake (NYSE:SNOW), on Tues. Dec twenty first, 2021, to usher within the first day of winter. To honor the event, Snowflake the bear, joined by Chris Taylor, Vice President, NYSE Listings and Providers, rings The Opening Bell®.


Shares of the cloud knowledge platform supplier Snowflake fell greater than 13% in prolonged buying and selling on Wednesday after the corporate launched third-quarter outcomes that beat estimates however provided mild product income steering.

This is how the corporate did:

  • Earnings per share: 11 cents, adjusted, vs. 4 cents anticipated by analysts, in keeping with Refinitiv
  • Income: $557 million vs. $539 million anticipated by analysts, in keeping with Refinitiv

The corporate’s income was up 67% yr over yr, however that progress was decrease than the 83% increase last quarter. The most important a part of income, product income, additionally grew 67% yr over yr to $523 million. Product income is a key metric for Snowflake because it acknowledges income based mostly on platform consumption.

Snowflake stated it anticipates product income will likely be between $535 million and $540 million in its fourth quarter, in need of the $553 million anticipated by analysts estimates in keeping with StreetAccount. The corporate expects to report between $1.919 billion and $1.924 billion for the total yr.

Product gross revenue margins, working earnings margins and adjusted free money circulate are anticipated to be 75%, 3% and 21% respectively for the total yr.

Snowflake stated it had 7,292 clients within the quarter, which ended Oct. 31.

The corporate will maintain its quarterly name with traders Wednesday at 5 p.m. ET.

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