Snowflake Stock Melts After Q4 Earnings: What You Need To Know About The Results, Q1 Guidance, Streamlit Acquisition

Data cloud company Snowflake Inc SNOW reported fourth-quarter and full fiscal year financial results after the market close Wednesday. Here are the key highlights.

What Happened: Snowflake reported fourth-quarter revenue of $383.8 million, up 101% year-over-year. The total came in ahead of a Street estimate of $372.6 million, according to Benzinga Pro.

Product revenue in the fourth quarter totaled $359.6 million, up 102% year-over-year.

The company reported adjusted earnings per share of 12 cents in the fourth quarter versus a Street estimate of 3 cents per share.

Snowflake ended the fiscal year with 5,944 customers, including 184 that have trailing 12-month revenue of $1 million or more.

Full fiscal year product revenue of $1.14 billion was up 106% year-over-year.

“Snowflake finished fiscal 2022 with record-breaking consumption and bookings results, including triple-digit product revenue growth,” Snowflake CEO Frank Slootman said.

Related Link: Will Chart Analysts Notice Bad Omen On Snowflake's Chart? 

What’s Next: Along with announcing quarterly results, Snowflake announced it is acquiring Streamlit.

“Streamlit’s open-source framework enables developers and data scientists to build and share data apps and to do so quickly, without the need to be an expert in front-end development,” Snowflake said.

Snowflake said the two companies will join forces to unlock the potential of data and build applications.

Streamlit has over 8 million downloads and 1.5 million applications built.

Snowflake announced first-quarter guidance for product revenue to be in a range of $383 million to $388 million, representing year-over-year growth of 79% to 81%.

The company is forecasting full fiscal 2023 product revenue to be a range of $1.88 billion to $1.9 billion, representing year-over-year growth of 65% to 67%.

SNOW Price Action: Snowflake shares are down 26.37% to $194.88 in after-hours trading.
Photo courtesy of Snowflake.