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Snowflake (SNOW) up 14% as momentum accelerated in Q3

By Joyanta Acharjee

13:58, 2 December 2021

Data analytics chart
Snowflake now has 5,416 customers in total – Photo: Shutterstock

Snowflake stock rose on Thursday as the cloud-based data analytics firm narrowed quarterly losses and provided strong sales guidance.

The company noted just under half of the Fortune 500 uses Snowflake data cloud, which allows the secure sharing of data and execution of diverse analytic workloads.

For the fiscal third quarter ended 31 October, its net loss narrowed to $154.9m (£116.2m) from a loss of $168.9m a year ago. Revenue jumped to $334.4m from $159.6m in the third quarter of 2020.

Loss per share 

On a per-share basis, losses narrowed to 51 cents from a loss of $1.01 in the year-ago period.

In pre-market trading, shares were up 14% at $355.95.


2,072.25 Price
+1.760% 1D Chg, %
Long position overnight fee -0.0193%
Short position overnight fee 0.0111%
Overnight fee time 22:00 (UTC)
Spread 0.30


16,001.20 Price
+0.470% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 7.0


0.63 Price
+0.060% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 22:00 (UTC)
Spread 0.01168


39,777.80 Price
+0.260% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

Snowflake saw momentum accelerate in Q3, with product revenue growing 110% year on year to $312.5m. Continued international expansion during the quarter resulted in product revenue from the Europe, Middle East and Africa and Asia Pacific and Japan regions being up 174% and 219% year on year, respectively,” Snowflake chair and CEO Frank Slootman said in a press release.

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Snowflake's key Q3 earnings presentationSnowflake now has 5,416 customers in total – Credit: Snowflake

Retention rate of 173%

Snowflake said remaining performance obligations were $1.8bn, representing 94% year-on-year growth. The net revenue retention rate was 173% as of 31 October.

The company now has 5,416 customers in total and 148 customers have trailing 12-month product revenue greater than $1m.

For the fourth quarter, Snowflake expects product revenue in the range of $345m-$350m and for its full year, revenue of about $1.13bn.

Read more: Splunk chair says CEO resigned at right time

Markets in this article

Snowflake Inc (Extended Hours)
186.00 USD
-1.45 -0.780%
Snowflake Inc (Extended Hours)
186.00 USD
-1.45 -0.780%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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