In this news, we discuss the Buffett-backed Snowflake’s loss widens in first quarterly report post IPO.
(Reuters) – Warren Buffett-backed data warehouse firm Snowflake Inc on Wednesday reported a larger third-quarter loss in its first quarterly results after the successful market debut in September, lowering its shares by more than 5% after the bell.
The San Mateo, Calif., Based company, which has 3,554 clients, raised $ 3.36 billion on its IPO after being valued above the target range for the largest U.S. listing to date this year. year.
Snowflake said product revenue, or sales of services on its platform, more than doubled to $ 148.5 million, representing 93% of total revenue for the quarter.
Founded in 2012 in San Francisco, Snowflake sells a cloud data platform that offers the consolidation of a company’s data on a single platform. Cloud-based business services have seen rapid growth this year as offices around the world have adapted to remote working during the COVID-19 pandemic.
The net loss for the quarter ended Oct. 31 widened to $ 168.9 million from $ 88.1 million a year earlier, the company said.
Total revenue for the quarter more than doubled to $ 159.6 million. Analysts on average expected revenue of $ 147.5 million, according to IBES data from Refinitiv.
Report by Ayanti Bera in Bengaluru; Edited by Devika Syamnath
Original © Thomson Reuters