Snowflake Shares Spike as Sales Come In Strong. Management Is More Upbeat.

Text size

im 391027?width=639&height=426

Snowflake now has nearly 5,000 customers.

Dreamstime

Snowflake shares are gaining ground in late trading after the company posted better-than-expected growth for its fiscal second quarter ended July 31. Management raised its full-year forecast for product sales for a second time.

Snowflake stock (ticker: SNOW) was up 5.5% to $299.28 in late trading.

For the quarter, the cloud-based data warehouse software company reported revenue of $272.2 million, up 104% from a year ago, and ahead of the Street consensus at $256.5 million. Product revenue was $254.6 million, up 103%, and ahead of the company’s guidance range of $235 million to $240 million.

Snowflake posted an operating loss for the quarter of $21.9 million on a non-GAAP basis, resulting in a non-GAAP operating margin of -8%, better than the company’s projection of -19%. Adjusted free cash flow was $2.8 million, the third quarter in a row that measure has been in the black. On a GAAP basis, the company lost 64 cents a share in the quarter.

The company ended the quarter with remaining performance obligations, a measure of future work, of $1.5 billion, up 122% from a year ago.

Snowflake (ticker: SNOW) said it now has 4,990 total customers, 116 with trailing 12 months product revenue of more than $1 million.

“Snowflake saw continued momentum in Q2 with triple-digit growth in product revenue, reflecting strength in customer consumption,” Snowflake Chairman and CEO Frank Slootman said in a statement. Slootman noted that net revenue retention, a measure of recurring business, was 169%, up from 168% in the April quarter and 158% a year ago.

For the October quarter, Snowflake sees product revenue of between $280 million and $285 million, up between 89% and 92% from a year ago, with a non-GAAP operating margin of -7%.

For the full year ending in January 2022, the company now sees product revenue ranging from $1.06 billion to $1.07 billion, up between 91% and 93% a share, above its previous forecast of $1.02 billion to $1.035 billion, the second time it has raised guidance for the year.

Snowflake sees a full year non-GAAP operating margin of -9%, a sharp improvement from its previous forecast for -17%. The company sees an adjusted free cash flow margin of 7%. Snowflake expects a non-GAAP product gross margin of 73%, up from 69% in fiscal 2021, and 63% in fiscal 2020.

Write to Eric J. Savitz at [email protected]

Source: Snowflake Shares Spike as Sales Come In Strong. Management Is More Upbeat.

*This is a free press release. Upgraded press releases are ad-free!

The stainless steel air distribution industry

When it comes to manufacturing air distribution components for sterile environments, there’s no room for error. And because perfection is required for long-lasting, functional HVAC components, the right material and manufacturing processes are important factors.For everything from stainless steel grilles to air diffusers to HEPA filtration systems, the stainless steel air distribution industry is vitally…

Read Press Release

NTD Expands Its Service in Washington and San Francisco

NTD, The Epoch Times’ sister media, has expanded its service in Washington by partnering with local TV station WJAL. NTD has also added a new 24/7 channel on Comcast in San Francisco. The new launch makes NTD available to nearly 4 million additional cable subscribers. NTD currently broadcasts 24/7 on WJAL’s primary channel 68.1. WJAL…

Read Press Release

100k SOLR tokens will be airdropped ahead of the IDO

SolRazr has been observed getting overwhelming support from its communitySolRazr’s whitelist for the first IDO is now liveAhead of the IDO and whitelisting the protocol will do an airdrop of 100k SOLR tokensSolRazr is the DeFi tool on the Solana blockchain network. It is the first decentralized developer ecosystem for Solna. Notably, the protocol offers…

Read Press Release

FBI Investigates Alleged Attack on Female Soldier by Male Afghan Refugees at New Mexico Base

Marines with Special Purpose Marine Air-Ground Task Force-Crisis Response-Central Command guide evacuees on to a U.S. Air Force C-17 Globemaster III during an evacuation at Hamid Karzai International Airport in Kabul, Afghanistan, August 21, 2021. (Sergeant Samuel Ruiz/U.S. Marine Corps) The FBI has launched an investigation into the alleged assault of a female soldier perpetrated…

Read Press Release

Snowflake Shares Spike as Sales Come In Strong. Management Is More Upbeat. - Click To Share

Share on facebook
Share on twitter
Share on reddit
Share on linkedin
Share on email
Share on whatsapp