Should you explore Snowflake (SNOW) stock after its earnings?

August 25, 2022 08:13 AM PDT | By Rupam Roy

Image source: © Piter2121 | Megapixl.com

Second quarter fiscal 2023 Financial Highlights:

Snowflake marked a notable year-over-year (YoY) jump of 83 per cent in its second quarter fiscal 2023 product revenue of US$ 466.3 millionIn the latest quarter, its total number of customers was 6,808.

The cloud computing firm’s total revenue also witnessed a similar jump of 83 per cent to US$ 497.24 million in Q2 FY23, from a revenue of US$ 272.19 million in the same quarter of the prior yearHowever, its net loss deteriorated to US$ 222.80 million in Q2 FY23, against a loss of US$ 189.71 million in the preceding year's comparable quarter.

Meanwhile, for the third quarter of fiscal 2023, the Bozeman, Montana-based firm expects its GAAP product revenue to be between US$ 500 million and US$ 505 million.

For fiscal 2023, it expects its product GAAP product revenue to be in the range of US$ 1.905 billion to US$ 1.915 billion.

Snowflake Inc(SNOW) earnings highlights for Q2 FY23 Source: ©Kalkine Media®; © Canva via Canva.com

Bottom line:

The SNOW stock was priced at US$ 191.41 at 10:04 am ET on August 25, marking a surge of 20.01 per cent from its previous closing price of US$ 159.49The trading volume of the US$ 59.45 billion market cap firm was over 8.90 million at the time of writing.

Like most other tech stocks, the Snowflake had also witnessed a rocky journey in recent months due to several macroeconomic tailwinds.

However, the gaining popularity of cloud-based services and Snowflake operating expertise in the cloud storage area helped it significantly grow its revenue.

The SNOW stock fell over 32 per cent YoY while falling about 43 per cent YTDHowever, on a QTD basis, it rose 37 per cent.

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