Snowflake Inc.’s stock was tumbling more than 20% in Wednesday’s extended session after the company underwhelmed with its outlook and announced that its chief executive has left that post.
For the fiscal first quarter, Snowflake
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models $745 million to $750 million in product revenue, whereas analysts tracked by FactSet had been calling for $759 million.
Looking at the full fiscal year, Snowflake is calling for $3.25 billion in product revenue, whereas analysts had been modeling $3.43 billion.
The company generated a fiscal fourth-quarter net loss of $169.9 million, or 51 cents a share, compared with a loss of $207.2 million, or 64 cents a share, in the year-before period.
On an adjusted basis, Snowflake earned 35 cents a share, whereas it earned 14 cents a share a year before. Analysts surveyed by FactSet were modeling 18 cents in adjusted earnings per share.
Snowflake’s revenue rose to $774 million from $589 million a year prior, while analysts had been looking for $760 million. The company generated $738 million in product revenue, whereas the FactSet consensus was for $716 million.
“We are successfully campaigning the largest enterprises globally, as more companies and institutions make Snowflake’s Data Cloud the platform of their AI and data strategy,” Chairman Frank Slootman said in a release.
Snowflake announced separately that Slootman has stepped down from the CEO post “effective immediately.” Sridhar Ramaswamy, previously the company’s senior vice president of AI, is taking on the position.
The company had $5.2 billion in remaining performance obligations, up 41% from a year before. Snowflake also called out that 461 customers were doing more than $1 million of trailing-12-month product revenue.
