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  • Snowflake (SNOW) Shares Jump In Pre-Hour Trading After Earnings Release

    Snowflake (SNOW) Shares Jump In Pre-Hour Trading After Earnings Release

    Snowflake Inc. (NYSE: SNOW) stock price is increasing significantly this morning after its earnings report was released. As of the most recent pre-market check, SNOW shares reached $157.15, up 21.71%.

    Impressive Third Quarter Performance

    With a 29% year-over-year increase in product sales to $900 million, Snowflake produced an exceptional third-quarter result. The business also met its remaining performance requirements, which came to $5.7 billion, a 55% increase over the prior year. The company’s capacity to sustain steady development via its dedication to product coherence and user-friendliness is demonstrated by its strong financial performance.

    Strategic Growth and Expansion of Customers

    Because of the company’s unwavering commitment to improving its data platform, Snowflake is currently the most affordable and user-friendly option available to businesses. Significant growth has been generated by this strategic strategy, which has increased its position in current accounts and drawn in new clients.

    According to the most recent report, Snowflake has 754 Forbes Global 2000 clients and 542 customers that generate over $1 million in trailing 12-month product sales, representing a 25% and 8% increase in year-over-year growth, respectively.

    Acquisition of Datavolo to Strengthen AI Capabilities

    In a move to further enhance its offerings, Snowflake announced the acquisition of Datavolo, a company specializing in accelerating the creation and management of multimodal data pipelines for enterprise AI.

    This acquisition will enable Snowflake to strengthen its position in the data lifecycle’s ‘bronze layer,’ offering data engineering teams a simplified way to integrate systems with Snowflake’s unified platform. The combined capabilities will unlock AI, machine learning, and analytics potential while ensuring scale, performance, and governance within the AI Data Cloud.

    Focus on Public Sector and Open Standards

    Snowflake’s acquisition of Datavolo also aligns with its goal to deepen its footprint in the public sector. The company plans to continue supporting the Apache NiFi project, ensuring full interoperability across various data environments. By doing so, Snowflake aims to enhance its platform’s security and governance, offering users a trusted foundation for AI-driven innovation.

    Snowflake (SNOW) shares jumped in pre-market trading, fueled by strong earnings performance and investor optimism following the latest report.

  • Snowflake Inc. (SNOW) Stock Taking Giant Leaps in Aftermarket, Here’s the Reason

     Snowflake Inc. (SNOW), a company that provides a cloud-based data platform, has surged 16.24% in aftermarket trading session. As a result, SNOW stock is trading at 361.50 at the time of the writing. The surge could be attributed to the announcement of quarterly results. On Wednesday, SNOW closed the day at $311 after sliding 8.53% during the regular trading session.

    Why SNOW Surging?

    In the late hours of Wednesday, SNOW released the operational results for the third quarter of the fiscal year 2022. The quarter ended on 31st October. The company generated total revenue of $334.4 million during the quarter against $159.6 million during the same quarter of 2020. The total operating expenses for the period were $370.9 million against $262.3 million for the same period of 2020. The net loss suffered by the company during the quarter was $154.8 million (or $0.51 per basic and diluted share) against $168.8 million (or $1.01 per basic and diluted share) for the same quarter of 2020.

    Financial Guidance

    Alongside the operational results, SNOW also released the financial guidance for the full-year fiscal 2022. The company expects to generate product revenue in the range of $1.126 billion to $1.131 billion during the full year. The product gross profit margin is expected to stand at 74% during the fiscal. The operating loss margin could be about 4%, while the margin of adjusted free cash flow could hover around 8% during the quarter.

    Executive Commentary

    Frank Slootman, Chairman and CEO of SNOW, while commenting on the results said that the company saw the momentum accelerate during the third quarter, as its product revenue grew over 110% on a year-over-year basis. He said that the vertical industry focus by the company is an important evolution of its selling motion. He hoped that the company would continue to see broad industry options n the future.

    Future Outlook for SNOW

    The last six months have seen SNOW stock surge by approximately 30%. But during more recent days, the stock has amassed losses. However, as some of the past developments depict, the company is capable of recovering in a quick time. So, potential investors should keep a close eye on the fluctuations of SNOW stock.