Snowflake shares skyrocket following income beat

Snowflake shares soar following revenue beat

Revealed: The Secrets our Clients Used to Earn $3 Billion

Frank Slootman, CEO of Snowflake, on the day of its 2020 IPO,Sept 16 th, 2020.


Shares of the cloud information platform supplier Snowflake popped more than 17% in prolonged trading on Wednesday after the business launched second-quarter incomes that beat experts’ income expectations.

Here’s how the business did:

  • EPS: Loss of 70 cents
  • Revenue: $497 million vs. $467 million anticipated, according to Refinitiv

The business’s income for the quarter ended July 31 grew 83% year over year to $497 million, a small downtick from last quarter’s 85% development. The biggest part of income, item income, likewise grew 83% year over year to $4663 million. Product income is an essential metric for Snowflake given that it acknowledges income based upon platform intake.

Snowflake stated it expects item income will be in between $500 and $505 million in its 3rd quarter, and in between $1.91 billion and $1.92 billion for the complete year. Product gross revenue margins, running earnings margins and changed complimentary capital are anticipated to be 75%, 2% and 17% respectively for the complete year.

Snowflake stated it had 6,808 consumers in the quarter, which was above the FactSet agreement price quote of 6,739, acording to StreetAccount.