'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.
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