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Snowflake reported its first Q3 earnings as a public company

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Miguel A. Rodriguez
Miguel A. Rodriguez
03 December 2020
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

This information/research prepared by Miguel A. Rodriguez does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views and consequently any person acting on it does so entirely at their own risk.The research provided does not constitute the views of KW Investments Ltd nor is it an invitation to invest with KW Investments Ltd. The research analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report.The research analyst in not employed by KW Investments Ltd. You are encouraged to seek advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit that conforms to your specific investment objectives, financial situation, or particular financial needs before making a commitment to invest. The laws of the Republic of Seychelles shall govern any claim relating to or arising from the contents of the information/ research provided. 

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Miguel A. Rodriguez
Miguel A. Rodriguez
Financial Writer

Miguel worked for major financial institutions such as Banco Santander, and Banco Central-Hispano. He is a published author of currency trading books.