The revenue growth was in line with the expectations
After becoming a publicly-traded company in September – Snowflake – posted its Q3 2020 earnings.
The software company reported revenue growth of 119% compared to the same time last year, the figures coming in at $159.6 million. The losses per share narrowed from last year’s $1.92 to $1.01. Snowflake’s gross margin was 58.2%, dropping from a previous 59.6%.
Moreover, the number of customers who contribute over $1 million in product revenue in the last 12 months reached 65. On an annualized basis, the remaining performance obligation figures came in at $927.9 million, up 240% compared to the previous one.
For the fiscal fourth quarter, Snowflake expects its revenue to reach a high of $167 million. Despite the pandemic, the company intends to keep the same pace of hiring, according to Mike Scarpelli, its CFO.
After the report, Snowflake traded 8% lower. Since September, the company’s stock price gained 15%, while USA500 went up 8%.
Read here all about the company’s IPO!
Sources: cnbc.com
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