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Summary
- Snowflake Inc posted its first earnings report as a publicly listed company on December 2, reporting a 119 per cent year-over-year (YoY) growth in its revenue for the third quarter of fiscal 2021.
- Following the release of its latest quarter report, Snowflake saw its shares tumble by about four per cent on Wednesday.
- Snowflake Inc raised around US$ 3.4 billion during its listing, going on to be one of the biggest software debuts in the US this year.
- Stocks of the data cloud provider got publicly listed on the New York Stock Exchange (NYSE) in September this year.
Data-warehousing software company Snowflake Inc (NYSE:SNOW) made headlines on Wednesday, December 2, after it released its first earnings report as a public company. Snowflake Inc got publicly listed on the New York Stock Exchange (NYSE) in September this year.
Following the release of its latest quarter report, Snowflake saw its shares tumble by about four per cent on Wednesday. In December so far, the shares fell over 10 per cent.
Stocks of the software company registered a growth of about 15 per cent in the last three months since debuting on the Wall Street in September.
Snowflake Inc’s YTD performance chart (Source: EODHD/Others/Thomson Reuters)
Let’s take a closer look at Snowflake Inc’s latest quarter financial report.
SNOWFLAKE INC THIRD QUARTER FISCAL 2021 RESULTS
Snowflake Inc recorded an impressive 119 per cent year-over-year (YoY) growth in its revenue of US$ 159.6 million for the third quarter of fiscal 2021. Its product revenue jumped 115 per cent YoY to US$ 148.5 million in the Q3 FY21 ending 31 October 2020.
The data cloud provider’s remaining performance obligations (RPO) amounted to US$ 927.9 million, an increase of 240 per cent YoY, in the latest quarter. Meanwhile, its net revenue retention rate stood at 162 per cent as of October 31, 2020.
Snowflake Inc said in its latest earnings report that it counted a total of 3,554 customers at the end of the quarter. CEO Frank Slootman said that the latest quarter saw “continued strong revenue growth”.
A LITTLE BACKGROUND ABOUT SNOWFLAKE INC
Headquartered in San Mateo, California, Snowflake Inc was founded by Benoit Dageville, Thierry Cruanes and Marcin Zukowski. The unicorn company focuses in developing query optimization, parallelization solutions, database architecture, etc.
After applying for an initial public offering (IPO) earlier this year, its shares hit the Wall Street on September 16 and soon doubled in value. Snowflake Inc raised around US$ 3.4 billion during its listing, going on to be one of the biggest software debuts in the country this year.
Snowflake stocks debuted at US$ 245 on September 16, which was more than twice the offering price of US$ 120.
Since before its Wall Street debut, Snowflake Inc had the backing of American business tycoon Warren Buffett. Along with his company Berkshire Hathaway, Snowflake also had the support of Salesforce, Ince (NYSE:CRM), Venture capital firms Sequoia, ICONIQ Capital, Altimeter Capital Sequoia, etc.
Snowflake Inc currently has a market cap of US$ 80.99 billion, and its stocks are priced at US$ 292.69 at the moment.
