Shares of Snowflake (NYSE:SNOW) stock are climbing higher on Thursday reported its earnings for the second quarter of fiscal year 2022. This comes after reported revenue of $272.2 million was way above analysts’ estimate of $256.54 million. However, Snowflake’s loss per share of 64 cents was much worse than Wall Street’s expectation of a 15-cent loss.
Also, the firm reported that it now has 4,990 total customers, and “116 customers with trailing 12-month product revenue greater than $1 million.”
Moreover, here’s what else is worth mentioning from the most recent Snowflake earnings report:
- Losses per share improved 51% from a loss per share of $1.31 cents during Q2 2021.
- Revenue for the quarter comes 104% higher year-over-year (YoY) compared to $133.15 million in Q2 2021.
- This includes a 103% increase YoY of product revenue to $254.6 million.
- Operating loss of $200.14 million is much worse than the prior year’s figure of a $77.68 million loss.
- The Snowflake earnings report also includes a net loss of $189.72 million.
- That’s way below a net loss of $77.63 million during the same time last year.
Frank Slootman, chairman and chief executive officer of Snowflake, said this regarding the SNOW stock earnings report:
“Snowflake saw continued momentum in Q2 with triple-digit growth in product revenue, reflecting strength in customer consumption. While increasing net revenue retention rate to 169%, we also boosted gross margin and operating margin efficiency while our adjusted free cash flow was positive for the third quarter in a row.”
The company also mentioned its Q3 product revenue guidance as well as its FY2022 product revenue. These figures come in at between $280 million and $285 million and between $1.06 billion and $1.07 billion, respectively.
SNOW stock was up 6.9% as of Thursday afternoon.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Nick Clarkson is a web editor at InvestorPlace.