Snowflake Inc. (SNOW) shares surged 4.02% in after-hours on Wednesday, August 25, 2021, and closed the daily trading at $295.18. In the regular trading on Wednesday, SNOW’s stock gained 0.85%. The stock volume remained at 4.58 million shares, which was higher than the average daily volume of 3.75 million shares within the past 50 days. SNOW shares have moved up 1.34% in the past week. Over the past three months, the stock has gained 20.62%, while over the past six months, it has declined 9.00%.
Let’s have a look at its recent news and developments
SNOW recent financial results announcement
On August 25, 2021, Snowflake (SNOW) announced financial results for its second quarter of fiscal 2022, which ended July 31, 2021.
Q2 2022 financial highlights
- SNOW reported revenue of $272.2 million for Q2 2022 compared to $133.1 million in Q2 2021.
- In Q2 2022, gross profit was $366.3 million compared to $160.4 million in Q2 2021.
- Total operating expenses were $366.3 million in Q2 2022 compared to $160.4 in Q2 2021.
- It suffered a net loss of $190 million in Q2 2022 compared to $77.6 million in Q2 2021.
- Net loss per basic and diluted share attributable to common stockholders was $0.64 compared to $1.31 in Q2 2021.
Q3 2022 financial outlook
For Q3 2022, the company expects product revenue from $280 million to $285 million.
SNOW & Unified ID 2.0
On July 14, 2021, Snowflake (SNOW) announced support for Unified ID 2.0, which was originally developed by the Trade Desk, to help organizations easily enrich audience data, without sharing consumers’ personally identifiable information (PII). With Unified ID 2.0 support, Snowflake customers will be able to optimize their data-first advertising strategies by directly activating audiences on any platform that has adopted Unified ID 2.0, using Snowflake’s secure data sharing technology.
Annual Snowflake Summit conference
Snowflake (SNOW) hosted its third annual Snowflake Summit conference on June 8-10 and which saw over 60,000 virtual global registrants explore the transformational power of data. Throughout the event, Snowflake customers, partners, technical experts, and executives came together to share product innovation, customer successes, and provide hands-on experience for unlocking value from data in the Data Cloud.
OneTrust collaboration with SNOW
On June 10, 2021, OneTrust announced a partnership with Snowflake. OneTrust DataDiscoveryTM seamlessly integrates with Snowpark (and Java/Scala UDFs) to enhance the way data engineers and data scientists connect, scan, and identify sensitive data to help companies manage regulatory requirements.
Conclusion
The SNOW stock exceptional Wednesday performance is due to yesterday’s financial results announcement which beat the revenue estimates. The company’s share price can further go up in the coming trading sessions.
