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snowflake Stocks exceeded 13% Thursday after data analytics software company Releases exceeding expectations for the fourth quarter results.
The company reported adjusted earnings per share of 30 cents and revenue of $987 million, surpassing LSEG’s voting analysts’ expectations of 17 cents and $956 million in sales. This reflects a 27% year-on-year increase.
“We see a huge opportunity to support our customers throughout their end-to-end data lifecycle, and we focus on this vision with lasers,” CEO Sridhar Ramaswamy said in a press release, calling Snowflake “the most important data and AI company in the world.”
Like its peers, Snowflake has been pushing for new AI tools to provide customers with as they accelerate the competition for advanced language models and AI capabilities. It announced that Microsoft Azure provided access to OpenAI models on Wednesday.
Product revenue was also higher than analysts’ estimates, up 28% to $943 million. This happened ahead of schedule in the LSEG estimate of approximately $914 million. The company also said it expects product revenue to be $4.28 billion for the year, and an estimated $4.21 billion.
However, the guidance for the quarter is not yet estimated. Snowflake said it expects product revenue to be between $955 million and $961 million, compared with an estimated $961 million.
Last quarterthe company announced Years of partnership With anthropomorphism and stated that it has agreed to buy a startup Datavolo For the undisclosed sum.
Goldman Sachs The results further strengthened the company’s confidence in Snowflake’s second-half revenue for the fiscal year, and he believes the company will be a long-term AI winner, said Kash Rangan, an analyst.
“By extending the coverage and accessibility of its core data platform to more avenues, such as (large language models), super-rated people, and more, Snowflake can be the core of AI application development, demonstrating over 4,000 accounts with early momentum of Snowflake AI/ML and Cortex AI,” he wrote.
Snowflake said there were 11,159 customers during this period, up to 10,618. Analysts who voted for FACTSET are expected to have 10,987. The company also said Chief Financial Officer Michael Scarpelli will retire but has held the position until he finds a successor.
Excluding Thursday’s previous market move, stocks have been around 8% so far.
– Jordan Novet of CNBC contributed the report
