Snowflake Beats Q3 Earnings Estimates On Top And Bottom Line, Shares Surge
Portfolio Pulse from Adam Eckert
Snowflake Inc (NYSE:SNOW) reported Q3 earnings with a 32% year-over-year increase in revenue to $734.17 million, surpassing the consensus estimate of $712.78 million. Earnings were 25 cents per share, beating estimates of 16 cents per share. Product revenue was up 34% to $698.5 million, and the company now has 436 customers with over $1 million in trailing 12-month product revenue. The outlook for Q4 product revenue is between $716 million and $721 million, and full-year product revenue is expected to be $2.65 billion. Shares rose 7.71% after hours to $188.60.
November 29, 2023 | 9:28 pm
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POSITIVE IMPACT
Snowflake's Q3 earnings exceeded expectations with significant revenue and earnings per share growth. The company's positive outlook for Q4 and full-year product revenue suggests continued strong performance.
Snowflake's strong Q3 earnings report and positive future outlook are likely to instill investor confidence and drive short-term stock price appreciation. The after-hours share price increase indicates a positive market reaction to the news.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100