We are excited to bring Transform 2022 back in-person July 19 and virtually July 20 - 28. Join AI and data leaders for insightful talks and exciting networking opportunities. Register today!


(Reuters) — Warren Buffett-backed data warehouse firm Snowflake reported a third-quarter loss on Wednesday in its first quarterly results, following a blockbuster market debut in September and sending its shares more than 5% lower after the bell.

The San Mateo, California-based company, which has 3,554 customers, raised $3.36 billion in its initial public offering after it was priced above the target range in the biggest U.S. listing so far this year.

Snowflake said product revenue, or sales from services on its platform, more than doubled to $148.5 million, accounting for 93% of total revenue in the quarter.

Founded in 2012 in San Francisco, Snowflake sells a cloud data platform that offers to consolidate a business’ data onto one platform. Cloud-based business services have seen rapid growth this year as offices around the world adapted to working remotely during the COVID-19 pandemic.

Event

Transform 2022

Join us at the leading event on applied AI for enterprise business and technology decision makers in-person July 19 and virtually from July 20-28.

Register Here

Net loss for the quarter ended October 31 widened to $168.9 million from $88.1 million a year earlier, the company said.

Total revenue for the quarter more than doubled to $159.6 million. Analysts on average had expected revenue of $147.5 million, according to IBES data from Refinitiv.

(Reporting by Ayanti Bera in Bengaluru. Editing by Devika Syamnath.)

VentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact. Learn more about membership.

Author
Topics