Product revenue amounted to $590 million, whereas analysts were looking for $572 million. Snowflake’s revenue rose to $624 million from $422 million, while analysts were modeling $609 million.
On an adjusted basis, Snowflake reported earnings per share of 15 cents, up from 8 cents a year before, while analysts tracked by FactSet were projecting 5 cents.
The company generated a fiscal first-quarter net loss of $226 million, or 70 cents a share, compared with a loss of $166 million, or 53 cents a share, in the year-earlier period. “While enthusiasm for Snowflake is high, enterprises are preoccupied with costs in response to their own uncertainties.”Ĭhief Financial Officer Frank Scarpelli added that in terms of bookings, Snowflake has seen “headwinds globally with the exception of our North American large enterprise segment.” The trend “is not due to competitive pressures, but because customers remain hesitant to sign large multiyear deals.” Is “operating in an unsettled demand environment,” a trend that’s been “reflected in consumption patterns across the board,” Chief Executive Frank Slootman said on the earnings call.
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