Snowflake's Stock Rises 24% On Strong Financial Results

11/23/2024 6:41:48 AM

(MENAFN- Baystreet) Shares of Snowflake (SNOW) are up 24% after the software company reported third-quarter financial results that beat Wall Street targets.
The Bozeman, Montana-based company reported earnings per share (EPS) of $0.20 U.S., which was ahead of the $0.15 U.S. expected on Wall Street.
Revenue in the quarter totaled $942 million U.S., which topped the $897 million U.S. that was the consensus forecast of analysts. Sales were up 28% from a year earlier.
The company, which specializes in data analytics software, also raised its forward guidance, calling for $3.43 billion U.S. in 2025 revenue, implying 29% growth.
The new guidance is up from $3.36 billion U.S. forecast previously.
On an earnings call with investors and analysts, Snowflake's management team said they are focused on saving money and controlling costs.
Executives also said that Snowflake had 10,618 customers at the end of the quarter, having added 369 during the period. Analysts had expected 10,601 customers at the end of Q3.
Snowflake recently announced a new partnership with Anthropic, the Amazon-backed (AMZN) artificial intelligence (A.I.) start-up company.
Prior to today (Nov. 21), the stock of Snowflake had declined 32% this year and was trading at $129.12 U.S. per share.

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