© Shutterstock
By Dhirendra Tripathi
Investing – Snowflake Inc (NYSE:) shares fell more than nearly 6% Thursday as more than doubling of losses in the first quarter outweighed the company’s higher guidance for this year.
A surge in operating expenses, particularly trebling of research and development spending, drove the loss higher to $203.22 million in the 2022 fiscal first quarter ended April 30. The loss in the first quarter of fiscal 2021 was $93.64 million.
Revenue rose 110% year-on-year to $229 million on new customer acquisitions. The company had 4,532 customers at the end of April compared to 2,720 at the end of same month last year.
The data-analytics software company managed to more than double the number of its $1 million-plus customers. Their number was 104, up from 48 last April.
For the full fiscal, Snowflake pegged its forecast for product revenue in the range of $1.02 billion, to $1.03 billion, which means an 86% growth at midpoint.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Be the first to comment