Snowflake unveils better than expected objectives

(AOF) – Snowflake presented better than expected profits and forecasts. The cloud-based data storage and analysis service specialist recorded a loss of $316.99 million in the first quarter, ending at the end of April, or -95 cents per share, compared to a loss of $225,000 per share respectively. $63 million, or -70 cents per share, a year ago. On an adjusted basis, the group generated earnings per share of 14 cents, below the consensus of 18 cents.

Revenue jumped 33% to $828.7 million compared to expectations of $786 million.

For the current quarter, Snowflake is targeting revenue between $805 million and $810 million, an increase of 26% to 27%. Wall Street targets $793 million.

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