Frank Slootman, CEO of Snowflake Inc. on Sept. 16th, 2020.
Shares of Snowflake fell as much as 8% in extended trading on Wednesday after the data-warehousing software maker issued its first quarterly financial results as a public company.
Here’s how Snowflake performed:
- Earnings: Loss of $1.01 per share.
- Revenue: $159.6 million, vs. 147.5 million as expected by analysts, according to Refinitiv.
Snowflake’s revenue grew 119% year over year in its fiscal third quarter, which ended on Oct. 31, according to a statement. In the previous quarter it showed 121% growth.
The company’s software provides a cloud-based alternative to data warehouses that unify a variety of data and execute queries with on-premises hardware and software. The coronavirus pandemic has driven greater interest in Snowflake, CEO Frank Slootman has said.
Snowflake completed its initial public offering and joined the New York Stock Exchange in September, with Berkshire Hathaway and Salesforce investing. The stock closed at $253.93 per share on its first day of trading and has since increased about 15% since then, excluding Wednesday’s stock move, compared with a 8% increase for the S&P 500 over the same stretch.
Executives will discuss the results with analysts on a conference call starting at 5 p.m. Eastern time.
This is breaking news. Please check back for updates.
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