Snowflake Down as Adjusted Loss Meets Estimate, Revenue Beats

Snowflake, the cloud-based data-storage and -management platform, reported a wider fiscal-fourth-quarter net loss as revenue more than doubled.
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Snowflake,  (SNOW) - Get Report the cloud-based data-storage and -management platform, reported a wider fiscal-fourth-quarter net loss as revenue more than doubled.

The revenue beat Wall Street's estimates while the adjusted loss met expectations.

For the quarter ended Jan. 31, the San Mateo, Calif., company posted a loss of $198.9 million, widened from $83.3 million in the year-earlier quarter. 

On a per-share basis, the loss narrowed to 70 cents a share from $1.67 a share, as shares outstanding climbed to 284.1 million from 50 million. Snowflake went public in September 2020.

On an adjusted basis, the loss was 17 cents a share, according to FactSet.

Revenue reached $190.5 million from $87.7 million.

A survey of analysts by FactSet produced consensus estimates of a GAAP loss of 43 cents a share, or an adjusted loss of 17 cents a share, on revenue of $178.5 million.

At last check Snowflake shares were trading down 4.9% at $235. They finished the regular Wednesday trading session down 8.7% at $247.03. In 2021 through the Wednesday regular close, the stock was down 12%.

Along with the revenue growth, Snowflake "saw improving operating efficiency while expanding our footprint globally," Chief Executive Frank Slootman said in a statement.

Snowflake finished the fiscal year with 4,139 total customers, 77 of which accounted for trailing 12-month product revenue greater than $1 million.

In the current quarter, Snowflake offered product revenue guidance of between $195 million and $200 million. Analysts are currently looking for $196 million, on average, based on a FactSet survey.