Frank Slootman, CEO of Snowflake
Snowflake stock fell roughly 4% in expanded trading on Wednesday after the data analytics software company released a full-year forecast that met but did not exceed analysts’ estimates. The stock was already down 9% during Wednesday’s regular trading session amid a wide sell-off in technology stocks.
This is how the company did it:
- Merits: Loss of 70 cents per share
- Revenue: According to Refinitiv, $ 190.5 million versus $ 178.5 million as analysts expected.
The company’s revenue grew 117% on an annualized basis for the fourth quarter of the fiscal year ended January 31 Explanation. In the previous quarter it had grown by 119%.
In the Snowflake district announced New features for developers and support for unstructured data such as audio and video files.
In terms of projections, Snowflake expects product sales in the first quarter of $ 195 million to $ 200 million, up 92 to 96 percent year over year. Analysts surveyed by FactSet searched for product sales of $ 196.3 million. Nearly 94% of Snowflake’s sales came from product sales in the fourth quarter of the fiscal year.
For the full fiscal year 2022, the company generated product sales of 1.00 to 1.02 billion US dollars, which corresponds to growth of 81 to 84 percent. This corresponds to a 116 percent decline in product sales growth in the fourth fiscal quarter. Analysts polled by FactSet had expected product sales of $ 1.01 billion.
Snowflake went public in September. Excluding the after-business move, Snowflake stock has fallen 11% since the beginning of 2021, while the S&P 500 index has risen 2% over the same period.
Executives will discuss the results in a conference call starting at 5 p.m. Easter time.
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SEE: Snowflake CEO on his cloud outlook for 2021