By Yasin Ebrahim
Investing.com - Snowflake jumped in afterhours trading Wednesday as the data platform provider reported strong fourth-quarter guidance after reporting better-than-expected third-quarter results as its international push bolstered performance.
Snowflake (NYSE:SNOW) shares rose more than 11% on the report.
The company guided fourth quarter product sales in a range of $345 million to $350 million, that was well above analysts' estimates for the total revenue for the quarter of $339 total revenue.
The company reported a loss of 51 cents for the quarter on revenue of $334.4 million. Analysts' estimates were a loss of 61 cents on revenue of $305.6 million.
“Snowflake saw momentum accelerate in Q3, with product revenue growing 110% year-on-year to $312.5 million," the company said.
"Continued international expansion during the quarter resulted in product revenue from the EMEA and APJ regions up 174% and 219% year-on-year, respectively."
For the full year, product revenue was expected in a range of $1.13 billion to $1.13 billion.