Snowflake Stock Surges 5% After Q3 Beat

Snowflake (NYSE:SNOW) saw its shares rise over 5% intra-day today following the announcement of its third-quarter results.

The company reported an earnings per share (EPS) of $0.25, exceeding the Street estimate of $0.16. Its revenue increased by 32% year-over-year, reaching $734.2 million, which was higher than the expected $713.36 million. Notably, product revenue rose by 34% from the previous year, totaling $698.5 million.

Snowflake's customer base has also shown impressive growth. The company now boasts 436 customers with trailing 12-month product revenues exceeding $1 million, a 52% increase year-over-year. Additionally, 647 of its customers are from the Forbes Global 2000 list, marking a 10% increase from the previous year.

Looking ahead to the fourth quarter, Snowflake anticipates its product revenue to be in the range of $716 million to $721 million, suggesting a 29-30% year-over-year growth. For the full fiscal year, the company expects its product revenue to reach $2.65 billion, indicating a substantial 37% growth compared to the previous year.