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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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