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Snowflake down after Q4 earnings report

Snowflake down after Q4 earnings report

The data-analytics software company left markets speechless after its latest quarterly report

For the fiscal Q4 ended January 31, Snowflake reported adjusted losses per share of 43 cents. However, the revenue came in at $383.8 million, higher than $372.6 million expected by analysts, marking a growth of 101% year-over-year. At the same time, Snowflake reported a net loss of $132 million, narrowing from almost $199 million in the year-earlier quarter. Most of Snowflake's revenue came from products – a reflection of the use of its service for storing and running queries on a variety of data. Consulting and training accounted for the rest of the revenue.

Snowflake also revealed that it purchased data start-up Streamlit for $800 million.

At the end of the quarter, the company had almost 6,000 customers.

During the quarter, according to executives, engineers have been rolling out efficiency improvements to Snowflake's software that have lowered consumption of customers' credits.

For fiscal 2023, the company forecasts a product revenue growth between 65%-67%.

The mixed figures made the market react negatively, Snowflake shares dropping 30% after the report.

Sources: cnbc.com, reuters.com

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