Snowflake (SNOW) reported better-than-expected quarterly revenue and issued a confident forecast for the full year, driving its stock price up sharply in after-hours trading on Wednesday.
The cloud software company’s shares jumped more than 6% after the market closed. Year-to-date, Snowflake’s stock has gained 16% through Wednesday’s session.
For the first quarter, Snowflake posted product revenue of $996.8 million. This figure represents a 26% increase compared to the same period last year and exceeded analysts’ estimates compiled by Visible Alpha.
Looking forward, Snowflake expects full-year product revenue to reach $4.33 billion. This forecast is higher than Wall Street’s consensus estimate of $4.29 billion.
Total revenue for the quarter hit $1.04 billion, also a 26% rise from last year and above expectations. Adjusted net income grew to $87.3 million, or 24 cents per share, up from $52.2 million, or 14 cents per share, in the prior year’s quarter. These results surpassed analysts’ projections.
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