Snowflake 1Q Revenue Beats Expectations, Loss Narrows

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by Denny Jacob

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Snowflake Inc. reported lower losses and better-than-expected revenue in the first quarter.

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The company, which provides cloud data warehousing software, narrowed its net loss to $165.8 million, or 53 cents per share, for the quarter ended April 30, compared to a net loss of $203.2 million, or a loss of 70 cents per share. Happened. , one year ago. Analysts polled by FactSet were expecting a loss of 52 cents per share.

Revenue increased from $228.9 million to $422.4 million. Analysts polled by FactSet expected $413.7 million.

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Snowflake said it had 6,322 customers in the first quarter. Two hundred and six customers contributed over $1 million in product revenue over the past 12 months.

The company guided for revenue between $435 million and $440 million in the second quarter. For fiscal year 2023, it guided for revenue between $1.89 billion and $1.9 billion, up slightly from its prior range of $1.88 billion and $1.9 billion.

Snowflake shares fell 13.5% to $114.90 in after-hours trading.

Write to Denny Jacob at [email protected]

Credit: www.marketwatch.com /

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