Shares of Snowflake Inc. were falling more than 3% in after-hours trading Wednesday after the data-software company beat expectations with its latest quarterly results but forecast lower revenue for the full year than analysts had been anticipating.
The company generated a fiscal fourth-quarter net loss of $207 million, or 64 cents a share, compared with a loss of $132 million, or 43 cents a share, in the year-earlier quarter. On an adjusted basis, Snowflake SNOW earned 14 cents a share, up from 10 cents a share a year before, whereas the FactSet consensus was for 4 cents a share.
For the full year, Snowflake executives expect $2.705 billion in product revenue, representing 40% growth from a year before. The FactSet consensus was for $3.0 billion. Snowflake gave an initial full-year product revenue forecast calling for 47% growth on its prior earnings call in late November.
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Snowflake earnings: What to expectSnowflake is well positioned to beat expectations on product revenue for the latest quarter, according to some analysts, but all eyes will be on its outlook. Flurries? ❄️❄️❄️
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