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Snowflake Inc (NYSE:SNOW) shares are ripping higher Thursday after the company reported better-than-expected financial results for the third quarter and raised guidance. Several analysts raised price targets following the print. Here’s what you need to know.
What To Know: Snowflake beat analyst estimates on the top and bottom lines in the third quarter, reporting revenue of $942.09 million versus estimates of $896.99 million, and adjusted earnings of 20 cents per share versus estimates of 15 cents per share, per Benzinga Pro.
Total revenue was up 28% year-over-year. Product revenue came in at $900.3 million, up 29% year-over-year. Net revenue retention rate was 127% in the quarter. Remaining performance obligations totaled $5.7 billion, up 55% year-over-year.
Snowflake guided for fourth-quarter product revenue in the range of $906 million to $911 million, and raised its full-year product revenue forecast from $3.356 billion to $3.43 billion, representing 29% year-over-year growth.
"Our obsessive drive to produce product cohesion and ease of use has built Snowflake into the easiest and most cost-effective enterprise data platform. That is what's leading us to win new logo after new logo, expand within our customer base, and displace our competition over and over again," ...
