$Snowflake (SNOW.US)$ rose nearly 20% after hours Wednesday after the tech company reported Q3 earnings that exceeded analyst estimates.
SNOW gained 19% to $153.70 shortly before 5 p.m. ET after saying that Q3 earnings per share were $0.20 vs. analyst estimates of $0.15.
Revenue for the quarter was $942.1 million, representing 28% year-over-year growth. Product revenue was $900.3 million, representing 29% year-over-year growth.
“Snowflake delivered a strong third quarter, with product revenue of $900 million, up 29% year-over-year, and remaining performance obligations of $5.7 billion, with year-over-year growth accelerating to 55%,” said Sridhar Ramaswamy, CEO of Snowflake. “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.”
Looking ahead, Snowflake gave Q4 guidance of product revenue between at $906 million - $911 million, with 23% year-over-year growth.
