The cloud platform giant Snowflake Inc. reported its third-quarter earnings results for the fiscal year 2022 on Wednesday. Here’s what they reported:
Quarterly revenue came in at $334.4 million, representing a 110% growth year-on-year. Analysts expected a figure of around $305.6 million. $312.5 million of that figure came from products directly, also representing a 110% growth year-on-year.
Snowflake reported that it now has 5,416 customers in total – with 148 of them trailing 12-month product revenue in excess of $1 million.
Snowflake’s net loss decreased to $154.9 million – compared to $168.8 million in Q3 last year.
The company also reported a $0.51 loss per share attributable to common stockholders. That net loss was calculated to be $1.01 per share this time last year.
Total assets for the cloud platform was $6.1 billion, with the company reporting a value of $5.9 billion in January 2021.
The remaining performance obligations were $1.8 billion, which is a 94% growth year-on-year.
Frank Slootman, Chairman and CEO of Snowflake Inc., said:
“Snowflake saw momentum accelerate in Q3, with product revenue growing 110% year-on-year to $312.5 million. Continued international expansion during the quarter resulted in product revenue from the EMEA and APJ regions up 174% and 219% year-on-year, respectively,”
“Our vertical industry focus is an important evolution of our selling motion and Snowflake continues to see broad industry adoption.”
Snowflake Inc.’s product revenue guidance for Q4 is between $345 million and $350 million. For the full fiscal year 2022, Snowflake projects product revenue to be between $1.126 billion and $1.131 billion.
Snowflake Inc. is a company dedicated to the creation of data platforms that harness cloud-based technology. Several large organisations and companies have used their services to enhance their data analysis and management seamlessly. They also support Google Cloud, Amazon Web Services and Azure in their systems.
The company claims that their cloud data platform is capable of handling any workload no matter how demanding it is – allowing companies to add a ‘virtually unlimited number of concurrent users’ to their data management teams. In essence, this helps to optimise administrative workloads, reduce costs and minimise downtime by allowing companies to quickly share single copies of their data between different departments, business partners and subsidiaries. Snowflake’s systems are powered by what they call the ‘Elastic Performance Engine’ that can power complex data systems while minimising the impact on performance.
Six key elements make up Snowflake’s cloud platform:
In extended trading on Wednesday, shares of Snowflake Inc. ($SNOW) gained approximately 13% and currently trades at around $360 per share.