On March 2, Snowflake Inc. (SNOW) posted its financial results for Q4 fiscal 2022 along with a future outlook. While the company beat its expectations for the Q4 FY22, the weak future outlook disappointed investors. Consequently, the stock took a harsh hit as it plunged deep down in the premarket on Thursday.
In the previous regular trading session, the stock barely kept in the green with a slight gain of 0.57%. In intraday trading, the stock varied between $250.58 and $268.50. At an active volume of 13.37 million, SNOW closed the session at $264.69 per share. Following the announcement, the stock had plunged down by a huge 22.18% in the premarket, at the last check on Thursday. Hence, at the time of writing, SNOW was trading at a price of $206.30 per share in the premarket.
The cloud data warehousing software solutions provider, Snowflake Inc. was founded in 2013. With a market capitalization of $80.62 billion, the company has 306.3 million shares outstanding. Currently, SNOW stands at a year-to-date loss of 21.53% while it increased by 6.30%.
SNOW’s Fiscal 2022 Q4
The company’s Q4 fiscal 2022 ended on January 31, 2022.
SNOW had revenue of $383.8 million with an increase of 101% YOY in fiscal Q4 2022.
Moreover, product revenue increased by 102% YOY to $359.6 million.
Furthermore, the company reported 5,944 total customers including 184 customers with a trailing 12-month product revenue of more than 1$ million.
The non-GAAP adjusted free cash flow was $102.1 million in the quarter.
Future Outlook
For Q1 fiscal 2023, the company expects product revenue between $383 and $388 million with YOY growth of 79-81%.
Additionally, for the full-year fiscal 2023, the expected revenue is $1880-$1900 million with 65-67% YOY growth.
SNOW’s Intent to Acquire Streamlit
On Wednesday, the company also announced signing a definitive agreement with Streamlit for its acquisition. Streamlit is a framework built for the simplification and acceleration of data applications creation.
The acquisition will lead to the companies enabling developers for building apps using tools they prefer with simplified data access and governance.
Other Developments
On January 31, SNOW announced maintaining a perfect recommend score in the 2022 Wisdom of Crowds Analytical Data Infrastructure (ADI) Market Study. The company ranked as an Overall Leader in Customer Experience as well as Vendor Credibility. This marked the fifth consecutive year for 100% of the company’s customer participants to say that they would recommend it to other organizations.
