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Key points
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Snowflake's second-quarter revenue rose from a year earlier and beat analysts' expectations, but losses widened as costs rose.
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The company's forecast also fell short of analyst estimates compiled by Visible Alpha.
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Snowflake CEO Sridhar Ramaswamy highlighted the opportunities the company has in terms of AI.
snowflakethe snow) Second-quarter revenue rose from the same period last year and beat analysts' expectations, but losses widened as costs rose.
The data cloud company reported second-quarter revenue of $868.82 million, up 30% from the year-ago period and above analyst estimates compiled by Visible Alpha. However, Snowflake’s net loss of $317.77 million, or 95 cents a share, widened from a year earlier and was larger than analysts had expected. Excluding one-time items, Adjusted earnings Third-quarter 2016 earnings came in at 18 cents per share, beating expectations.
Snowflake forecasts fell short of expectations.
The company said it expects fiscal third-quarter revenue to be between $850 million and $855 million and raised its full-year forecast to $3.36 billion, though both forecasts were below analysts' expectations.
“The first quarter was marked by innovation, product delivery, and strong early-stage traction on our new AI products,” Snowflake CEO Sridhar Ramaswamy said in a statement. “By combining our platform and network effect for collaboration with our AI innovations, we have a significant opportunity to deliver even greater value to our customers going forward.”
Snowflake shares fell about 7% to $125.70 in extended trading Wednesday after the company's earnings report.
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