Snowflake surges as it grows product revenue nearly 30% during Q3 FY2025

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Snowflake surges as it grows product revenue nearly 30% during Q3 FY2025

seekingalpha11-21 05:29

Sundry Photography/iStock Editorial via Getty Images Snowflake (NYSE:SNOW) reported year-over-year product revenue growth of nearly 30% when it reported third quarter fiscal 2025 financial results on ...

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Shares spiked 13% during early post-market trading after its results and outlook surpassed expectations. For the quarter ended October 31, Snowflake reported adjusted earnings per share of $0.20 versus the consensus estimate of $0.15. It reported revenue of $942.1M versus the consensus of $898.46M. Product revenue of $900.3M also surpassed the estimate of $856.6M. For the quarter in progress, Snowflake forecast product revenue ranging from $906M to $911M, which is well beyond the estimate of $890.7M. It expects full-year product revenue to hit $3.43B versus the estimate of $3.36B.  It also reported remaining performance obligations of $5.7B, which represent 55% year-over-year growth. \"Snowflake delivered a strong third quarter, with product revenue of $900M, up 29% year-over-year, and remaining performance obligations of $5.7B, with year-over-year growth accelerating to 55%,\" said Snowflake CEO Sridhar Ramaswamy. The Bozeman, Mont., cloud-based data storage company also announced it plans to acquire Datavolo, which accelerates the creation, management and observability of multimodal data pipelines for enterprise AI. \"By bringing Datavolo into the Snowflake fold, we are expanding how much of the data lifecycle Snowflake captures - unlocking both simplicity and cost savings for our customers, without any sacrifice to data extensibility,\" said Ramaswamy.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"Business Data","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}