Snowflake 1Q Revenue Surges as Major Customer Count Grows
By Dean Seal
Snowflake recorded a wider loss but said its top line soared in the fiscal first quarter as its big-spending customer count grew and product revenue jumped by more than a third.
The cloud-data-warehousing-software provider posted a loss of $317 million, or 95 cents a share, compared with a loss of $225.6 million, or 70 cents a share, in the same quarter a year ago.
Stripping out one-time items, adjusted earnings were 14 cents a share. Analysts polled by FactSet had been expecting 18 cents a share.
Quarterly revenue climbed to $828.7 million from $623.6 million, topping analyst projections for $788.1 million, according to FactSet.
Product revenue was up 34% while revenue retention more than doubled.
Snowflake said it now has 485 customers generating more than $1 million in product revenue per year, up 30% from a year ago.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
May 22, 2024 16:43 ET (20:43 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Six Sports Betting and iGaming Stocks Trading at a Discount
-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
Q2 In Review and Q3 2024 Market Outlook
-
5 Stocks to Buy for 3Q 2024
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities
-
Healthcare: Valuations Look Attractive In Most Industries
-
Financial Services: Amid Uncertainties, We See the Most Value In Banks and Credit Services
-
Consumer Cyclicals: Even With Anxiety Over Spending, We See Attractive Valuations