Snowflake Beats Q3 Earnings with $0.20 EPS, Stock Surges 14%

Nov 20, 2024, 09:08 PM

Snowflake Inc. reported its third-quarter earnings for fiscal year 2025, surpassing Wall Street expectations. The cloud data platform provider announced a revenue of $942.1 million, marking a 28% increase year-over-year, and product revenue of $900.3 million, up 29% from the previous year. Adjusted earnings per share (EPS) came in at $0.20, beating the consensus estimate of $0.15. The company's net revenue retention rate stood at 127%, indicating strong customer retention and growth. Snowflake also reported a significant increase in its remaining performance obligations (RPO) to $5.7 billion, a 55% year-over-year growth. The company has 542 customers with trailing 12-month product revenue greater than $1 million and serves 754 Forbes Global 2000 customers. Looking ahead, Snowflake provided guidance for Q4 product revenue between $906 million and $911 million, suggesting a year-over-year growth of 23% at the midpoint. This performance led to a 14% surge in Snowflake's stock price after the market closed.