Snowflake reported better-than-expected third quarter results as sales surged 110% from a year ago.
The cloud data company reported third quarter revenue of $334.4 million, up 110% from a year ago, with a net loss of $154.86 million, or 51 cents a share.
Wall Street was expecting Snowflake to report third quarter revenue of $305.6 million with a non-GAAP loss of 6 cents a share. Analysts were expecting a third quarter GAAP loss of 60 cents a share.
Snowflake said it ended the quarter with 5,416 customers, including 148 customers with 12-month product revenue of more than $1 million.
CEO Frank Slootman said the company's plan to target verticals is paying off. Snowflake is also expanding globally.
For the fourth quarter, Snowflake is projecting product revenue of $345 million to $350 million, up 94% to 96% from a year ago. For fiscal 2022, Snowflake is projecting product revenue between $1.126 billion and $1.131 billion, up 103% to 104% from the prior year.
Snowflake has been putting up strong growth with what the company calls a non-SaaS model. For instance, 93% of its revenue is consumption-based and revenue is only recognized when consumption occurs. Contract durations are increasing with annual billion.