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 1. Home
 2. Industries
 3. Software
 4. Earnings Results


EARNINGS RESULTS




SNOWFLAKE EARNINGS SMASH EXPECTATIONS AS CEO CHEERS ‘STABILIZING’ CONDITIONS

Last Updated: Nov. 29, 2023 at 8:08 p.m. ET First Published: Nov. 29, 2023 at
4:16 p.m. ET
By

EMILY BARY

  comments


SNOWFLAKE’S STOCK MOVES HIGHER IN THE EXTENDED SESSION

SNOWFLAKE REPORTED QUARTERLY RESULTS AFTER THE CLOSE OF WEDNESDAY’S TRADING.

NYSE
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REFERENCED SYMBOLS


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SNOW
-0.91%


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Snowflake Inc.’s stock rocketed 7.6% higher in Wednesday’s after-hours action as
the software company delivered upbeat results and impressed with its forecast.

The company logged a fiscal third-quarter net loss of $214 million, or 65 cents
a share, compared with a loss of $201 million, or 63 cents a share, in the
year-earlier period.

On an adjusted basis, Snowflake SNOW, -0.91% posted earnings per share of 25
cents, up from 11 cents a year before, whereas analysts tracked by FactSet were
modeling 16 cents.


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Revenue rose to $734 million from $557 million, while the FactSet consensus was
for $714 million. Product revenue was $698 million, while analysts were looking
for $669 million.

“These results reflect strong execution in a broadly stabilizing macro
environment,” Chief Executive Frank Slootman said in a release.

Evercore ISI analyst Kirk Materne wrote that management’s “commentary around the
stabilizing macro environment combined with the higher [fiscal fourth-quarter]
guide gives us more confidence that [the fiscal fourth quarter] could ultimately
represent a bottom in terms of normalized growth.”

He noted that the comment from Snowflake’s executive team dovetailed with what
other “hypergrowth” cloud and software-as-a-service names have been saying
lately.

The company reported $3.7 billion in remaining performance obligations for the
latest quarter, up 23% on a year-over-year basis. Snowflake’s net revenue
retention rate was 135%, and the company had 436 customers with
trailing-12-month product revenue in excess of $1 million.

For the fiscal fourth quarter, the company expects $716 million to $721 million
in product revenue. The FactSet consensus was for $696 million in product
revenue.


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READ NEXT


READ NEXT


BEYONCÉ RULES THE BOX OFFICE, AS CONCERT MOVIE EARNS $21 MILLION IN OPENING
WEEKEND

Her concert picture, “Renaissance: A Film by Beyoncé,” opened in first place
with $21 million in North American ticket sales, according to estimates from AMC
Theatres Sunday.


MORE ON MARKETWATCH

 * Barron's: The Second-Largest U.S. Pension Slashed Its AMC Stock Stake
 * Barron's: ‘We Are Still Headed for a Pretty Hard Landing,’ Ex-Treasury
   Secretary Larry Summers Says
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   not just about investing.
 * Alaska Air agrees to $1.9 billion deal to acquire Hawaiian Airlines


ABOUT THE AUTHOR

Emily Bary


Emily Bary is a MarketWatch news editor based in New York.



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