'We believe taking a more conservative approach is responsible,” Snowflake's CFO said about the company's outlook.
Shares of Snowflake Inc. fell more than 5% in after-hours trading Wednesday, when the data-software company’s executives announced quarterly revenue that topped expectations but came up shy with their fourth-quarter sales outlook.
Chief Financial Officer Michael Scarpelli said on Snowflake’s earnings call that while the company saw weaker consumption patterns among some segments, including smaller businesses, during the past six weeks, “recent consumption patterns give us confidence that our largest and most strategic customers will continue to grow,” according to a transcript provided by Sentieo/AlphaSense.
That was actually better than some analysts had been expecting, with Evercore ISI analyst Kirk Materne writing ahead of the call that he expected expectations for revenue to be closer to 40% growth than 50%. Snowflake recorded a fiscal third-quarter net loss of $201 million, or 63 cents a share, compared with a loss of $155 million, or 51 cents a share, in the year-before quarter. Analysts tracked by FactSet were anticipating a 63-cent loss per share on a GAAP basis.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Republic Title of Texas Inc.🏆 Congratulations to The Dallas Morning News Top 100 Places to Work 2022 winner Republic Title of Texas Inc.! DMNTop100PlacestoWork 🔎 Company profile: 🔝 💯 The Top 100:
Read more »
New ‘frightening’ threat emerging from hybrid of state, private powers, ‘Woke, Inc.’ author warnsStriver founder Vivek Ramaswamy discussed the nation's growing security concerns involving TikTok and Apple's alignment with China's government during protests.
Read more »
Dallas energy firm EnLink Midstream names new CFO, COO - Dallas Business JournalEnLink Midstream, LLC has promoted Benjamin Lamb to CFO and Walter Pinto to COO. Lamb is succeeding Pablo Mercado in the role.
Read more »
Bankrupt BlockFi Sues Sam Bankman-Fried Over Robinhood Shares: FTCryptocurrency lender BlockFi, which filed for Chapter 11 bankruptcy protection on Monday, on the same day sued FTX founder Sam Bankman-Fried's Emergent Fidelity Technologies holding company for Robinhood Markets (HOOD) shares held by the company and pledged to BlockFi as collateral, the Financial Times reported, citing loan documents it had seen. CoinDesk Global Policy & Regulation Managing Editor Nikhilesh De dicusses the latest developments.
Read more »
Takeoff’s Brother YRN Lingo Shares Tribute: 'Your Name Will Live On'Takeoff's younger brother, YRN Lingo, shares that he's always looked up to him 'more than anyone on this earth' as he pays tribute to him on Instagram.
Read more »
Wall Street dips as growth shares offset energy gainsWall Street's main indexes fell on Tuesday as growth stocks extended declines, overshadowing a rise in energy shares after oil prices pared back gains on OPEC+ output concerns.
Read more »