Snowflake beat expectations on revenue, on profit and on guidance, and its shares rose more than 20% after hours. One number in the release went the other way, and it is the one that looks furthest into the future.
Remaining performance obligations, the contracted revenue Snowflake has booked but not yet recognised, came in at $9.00bn. Brody Ford reported for Bloomberg that analysts had expected $9.37bn.
The numbers that beat
Revenue for the quarter ending 31 July reached $1.55bn, up 35% year on year, against a consensus of $1.48bn. Product revenue, which is 96% of the total, rose 37% to $1.49bn against an expected $1.42bn.
Adjusted earnings came in at 62 cents a share. Analysts had forecast 45 cents.
