Snowflake (SNOW) earnings Q3 2022

Shares of the Snowflake data-analytics software program firm had been up greater than 13% on Wednesday after it launched third-quarter earnings that surpassed analyst expectations for income and supplied sturdy product income steerage.

Here is how the corporate did:

• Earnings: Lack of 51 cents per share
• Income: $334.4 million, vs. $305.6 million anticipated by analysts, based on Refinitiv.

Income grew 110% 12 months over 12 months within the fiscal third quarter, which ended on Oct. 31. Within the earlier quarter income elevated by 104%. The corporate’s internet loss decreased to $154.9 million, down from $168.9 million a 12 months prior.

Snowflake supplied fourth quarter product income steerage between $345 million and $350 million. That might symbolize year-over-year progress between 94% and 96%. The projection got here in above the FactSet consensus estimate of $315.9 million.

For the total 2022 fiscal 12 months Snowflake referred to as for $1.126 billion to $1.131 billion in product income. That might symbolize year-over-year progress between 103% and 104%. That steerage was additionally above the $1.06 billion and $1.07 billion FactSet consensus.