Snowflake stock falls despite fiscal Q4 results, outlook topping expectations
Big data analytics pioneer Snowflake this afternoon reported Q4 revenue that topped Wall Street's expectations, but also offered a product revenue outlook that was just slightly above the average estimate.
The report sent Snowflake shares lower by about 4% in late trading.
It was Snowflake's second quarterly report as a public company following its IPO in mid-September.
The sell-off is in stark contrast to when Snowflake reported its fiscal Q3 in December, prompting a sharp after-hours gain that afternoon.
Snowflake's CEO, Frank Slootman, called the quarter a "strong performance," noting the "triple-digit product revenue growth."
Added Slootman, "Remaining performance obligations showed a robust increase year-on-year, reflecting strength in sales across the board.
"Coupled with this rapid growth, we saw improving operating efficiency while expanding our footprint globally," he said.
"These results indicate that customers across multiple industries rely on the Snowflake Data Cloud to mobilize their data and enable breakthrough data strategies."
Revenue in the three months ended in December rose 117%, year over year, to $190.5 million, yielding a net loss of 70 cents a share.
Analysts had been modeling $179 million and a 17-cent loss per share.
Product revenue of $178.3 million was better than the average estimate of $167 million.
For the current quarter, the company sees product revenue of $195 million to $200 million, slightly above the FactSet consensus for $196 million.
For the full year, the company sees product revenue in a range of $1 billion to $1.02 billion, compared to consensus of $1.01 billion.