Snowflake Reports Mixed Q3 Earnings

Snowflake SNOW reported quarterly sales of $159.62 million, which beat the $147.52 million estimate and represents 119% year-over-year growth.

The company reported a third-quarter loss of $1.01 per share, which missed estimates by 75 cents. Snowflake reported 3,554 total customers and 65 customers with trailing 12-month product revenue greater than $1 million.

"We are pleased with our performance this first quarter as a public company," Snowflake CEO, Frank Slootman said. "The period was marked by continued strong revenue growth coupled with improving unit economics, cash flow, and operating efficiencies. Our vision of the Snowflake Data Cloud mobilizing the world's data is clearly resonating across our customer base."

Snowflake shares were trading down 5.02% at $14.69 in Wednesday’s after-hours session. The stock has a 52-week high of $342 and a 52-week low of $208.55.