Highlights:
- The SNOW stock soared over 20 per cent in the morning trading on August 25.
- Snowflake posted a surge of over 83 per cent in its Q2 FY23 revenue.
- It now expects its Q3 FY23 GAAP product revenue to be as much as US$ 505 million.
The Snowflake Inc. (NYSE:SNOW) stock has caught the attention of investors, as seen by the increase in its price on August 25Its price added more than 20 per cent in morning trading on Thursday, a day after the company reported its quarterly earnings announcement.
Here we explore the recent financial highlights of the data cloud firm before taking a closer look at its recent stock performance.
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.
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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.