@taskmaster4450le "## [Snowflake shares pop 19% on earnings and reven..." by taskmaster4450le

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hive-167922 · @taskmaster4450le · Nov 21 '24

@taskmaster4450le "## [Snowflake shares pop 19% on earnings and reven..."

## [Snowflake shares pop 19% on earnings and revenue beat](https://www.cnbc.com/2024/11/20/snowflake-shares-pop-14percent-on-earnings-and-revenue-beat.html)
Snowflake reported better-than-expected results on the top and bottom lines.

Here's how the company did, compared to LSEG analysts' expectations:

- Earnings per share: 20 cents, adjusted vs. 15 cents expected
- Revenue: $942 million vs. $897 million expected

Snowflake's revenue rose 28% year over year in the quarter, which ended on Oct. 31, according to a statement. The company's net loss of $324.3 million, or 98 cents per share, widened from $214.3 million, or 65 cents per share, in the same quarter a year earlier.

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@taskmaster4450le · Nov 21 '24

@taskmaster4450le "Product revenue represented around 96% of total sa..."

Product revenue represented around 96% of total sales. Snowflake called for $3.43 billion in fiscal 2025 product revenue, implying 29% growth. That's up from the $3.36 billion forecast management gave three months ago.

The full-year view also includes an adjusted operating margin of 5%, up from the 3% guidance in August.

Snowflake is focusing more on saving money, CEO Sridhar Ramaswamy told analysts on a conference call.

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@taskmaster4450le · Nov 21 '24

@taskmaster4450le ""We've been creating centralized, more efficient t..."

"We've been creating centralized, more efficient teams for some areas and removing redundant management layers, which enables us to make decisions faster," he said.

But the company is not doing a major round of layoffs, Chief Financial Officer Mike Scarpelli said.

Snowflake had 10,618 customers at the end of October, having added 369 in the latest quarter. Analysts polled by StreetAccount had expected 10,601 customers.

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