Snowflake reports first quarterly results since IPO
The startup saw its shares more than 5% lower after the bell
Stocks impacted: Snowflake Inc (SNOW)
Snowflake Inc.’s first earnings report since its massive IPO showed that the company’s revenue more than doubled to $159.6 million from $73 million a year ago. As a reminder, the IPO sold 28 million shares to raise $3.36 billion through its offering after it was priced above the target range in the biggest U.S. listing so far this year. The firm also reported a third-quarter net loss of $168.9 million, or $1.01 a share, compared with a net loss of $88.1 million, or $1.92 a share, in the year-ago quarter. Warren Buffett-backed data warehouse firm said sales from services on its platform, more than doubled to $148.5 million, accounting for 93% of total revenue in the quarter. The startup saw its shares more than 5% lower after the bell. Of note, the company’s stocks rallied over 20% last week as investors continued to double down on high-growth and software stocks after a pause seen earlier in the month.
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