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Snowflake Inc shares plummeted nearly 12% after the company’s reported Q1 results, with earnings per share of $0.53 below the Street’s estimates of $0.01.
Source: Snowflake
SNOW down -12.25%, CRM down -1.03%, Pre-market trading
The company’s revenue jumped 85% year-over-year to $422.4 million, compared to the Street estimate of $412.72 million. Product revenue rose 84% year-over-year to $394.2 million, and performance obligations revenue surged 82% year-over-year to $2.6 billion.
Snowflake reported having no adjusted operating margin as analysts surveyed by StreetAccount had projected a -1.2% margin. Snowflake’s net loss stood at $165.8M, compared with $203.2M in the year-ago quarter.
Snowflake had 6,322 customers in the first quarter, an increase from 5,944 at the end of January.
The company expects Q2 product revenue in the range of $435 million to $440 million. For the full year 2023, the company anticipates product revenue in the range of $1.885 to $1.9 billion.
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