By Tae Kim
$Snowflake (SNOW.US)$ reported earnings results slightly ahead of expectations but shares still fell in premarket trading.
The cloud data-warehouse software company reported July quarter earnings per share of 18 cents, compared with Wall Street’s consensus estimate of 16 cents, according to FactSet. Revenue came in at $868.8 million, which was above analysts’ expectations of $851.7 million.
Snowflake’s outlook was roughly in line. The company told investors to expect product sales for the current quarter of $850 million to $855 million, compared with the $851 million consensus call among analysts.
“Snowflake delivered another strong quarter, surpassing the high end of our Q2 product revenue guidance,” Sridhar Ramaswamy, CEO of Snowflake, said in the release. “With the combination of our platform, the network effect of collaboration and our AI innovations, we have a huge opportunity ahead to deliver even greater value to our customers.”
Snowflake shares were down 11% in the Thursday premarket having fallen 8% in late trading following the release. Investors may have wanted more upside in the company’s guidance.
Snowflake stock is down 11% over the past 12 months, versus the 33% rise for the Nasdaq Composite index
Write to Tae Kim at tae.kim@barrons.com