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SNOWFLAKE INC.

(SNOW)
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Snowflake : 4Q Revenue More Than Doubles From Year Earlier, Loss Widens

03/03/2021 | 04:37pm EDT

By Maria Armental

Snowflake Inc. reported a surge in revenue in the latest period and projected about $1 billion in product revenue this year, driven by the digital boom hastened by the Covid-19 pandemic lockdowns.

Overall, Snowflake's fourth-quarter net loss widened to $198.9 million, from $83.3 million a year earlier, and ended the year at a loss of $539.1 million.

The Silicon Valley company, which helps customers manage data that they store on the cloud, has seen explosive growth as the pandemic dramatically changed the way people work and live, driving the online shift into overdrive.

On Wednesday, Snowflake said it had 4,139 customers as of Jan. 31, compared with 3,554 as of Oct. 31, including 77 customers that accounted for more than $1 million in product revenue over the past 12 months.

Product revenue more than doubled to a better-than-expected $178.3 million in the January quarter, driving total revenue to $190.5 million for the quarter and $592 million for the year, more than double from the year earlier.

"Remaining performance obligations showed a robust increase year-on-year, reflecting strength in sales across the board," Chief Executive Frank Slootman said in a statement.

Snowflake expects product revenue to reach $195 million to $200 million in the first quarter and $1 billion to $1.02 billion for the year, compared with analysts' projected $196.3 million for the quarter and $1.01 billion for the year, according to FactSet.

But the expansion and additional costs tied to being a publicly traded company have weighed the company's financial performance.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

03-03-21 1636ET

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Financials (USD)
Sales 2022 1 094 M - -
Net income 2022 -686 M - -
Net cash 2022 2 318 M - -
P/E ratio 2022 -104x
Yield 2022 -
Capitalization 67 192 M 67 192 M -
EV / Sales 2022 59,3x
EV / Sales 2023 36,0x
Nbr of Employees 2 495
Free-Float 17,6%
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Technical analysis trends SNOWFLAKE INC.
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 289,92 $
Last Close Price 232,74 $
Spread / Highest target 50,4%
Spread / Average Target 24,6%
Spread / Lowest Target -12,3%
EPS Revisions
Managers and Directors
NameTitle
Frank Slootman Chairman & Chief Executive Officer
Michael P. Scarpelli Chief Financial Officer
Thierry Cruanes Chief Technology Officer
Sunny Bedi Chief Information Officer
Mike L. Speiser Lead Independent Director
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