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Snowflake Plunges On Earnings Miss By Investing.com

· Investing.com

By Sam Boughedda

Investing.com -- Shares of Snowflake Inc (NYSE:SNOW), the cloud computing-based data warehousing company, plunged 30% in extended trading Wednesday after the company reported its earnings for the fourth quarter.

Snowflake announced a loss per share of 43 cents on revenue of $383.77 million. Analysts polled by Investing.com anticipated EPS of 2 cents on revenue of $372.73 million. Revenue representing 101% year-over-year growth.

For the quarter, the company's product revenue was $359.6 million, representing 102% year-over-year growth. In addition, the net revenue retention rate was 178% as of January 31. Snowflake said it now has 5,944 customers and 184 customers with trailing 12-month product revenue greater than $1 million.

“Snowflake finished fiscal 2022 with record-breaking consumption and bookings results, including triple-digit product revenue growth,” said Frank Slootman, the chairman and CEO of Snowflake. “Remaining performance obligations were $2.6 billion, representing year-on-year growth of 99%. Our net revenue retention rate reached 178% driven by continued growth from our largest customers.”

The company sees first-quarter fiscal 2023 product revenue between $383 million and $388 million. Full-year fiscal 2023 revenue is expected to range from $1.88 billion to $1.9 billion.

Furthermore, in a separate release, Snowflake announced the acquisition of Streamlit, an open-source app framework for Machine Learning and Data Science teams.