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 email@example.com
(END) Dow Jones Newswires