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Snowflake beats expectations in Q4 but outlook disappoints

By Liz Moyer

Investing.com -- Snowflake Inc (NYSE:SNOW) beat expectations on the top and bottom lines and announced a $2 billion share buyback.

The company reported adjusted earnings per share of 14 cents on revenue of $589 million. Analysts expected fourth-quarter earnings per share of 5 cents on revenue of $576M. Revenue rose 53% from the previous year.

Product revenue represented $555.3M in the fourth quarter, up 54% year-over-year.

Shares of Snowflake fell 5.7% in after-hours trading. They are up 7.7% this year.

CEO Frank Slootman said: “We are operating in a vast and growing market, prioritizing capabilities that support the core mission of the enterprise, and staying on track for our $10B product revenue goal in fiscal 2029.”

The company is forecasting first-quarter product revenue of $568M to $573M, and full fiscal year 2024 product revenue of $2.7B.

Analysts have forecast total revenue in the first quarter of $624M and $3B for the full year.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.