Snowflake shares soar following revenue beat
Summary
Frank Slootman, CEO of Snowflake, on the day of its 2020 IPO, Sept. 16th, 2020. Shares of the cloud data platform provider Snowflake popped more than 17% in extended trading on Wednesday after the company released second-quarter earnings that beat analysts revenue expectations. Heres how the company did: • Revenue: $497 million vs. $467 million expected, according to Refinitiv The companys revenue for the quarter ended July 31 grew 83% year over year to $497 million, a slight downtick from last quarters 85% growth. Product gross profit margins, operating income margins and adjusted free cash flow are expected to be 75%, 2% and 17% respectively for the full year. Snowflake said it had 6,808 customers in the quarter, and that was above the FactSet consensus estimate of 6,739, acording to StreetAccount.
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