Workhorse Stock – Snowflake falls after-hours following Q1 earnings
Snowflake reported first quarter revenue of $228.9M, higher than the street estimated $213M. Yahoo Finance’s Jared Blikre joined Yahoo FInance Live to break down the key meterics.
JARED BLIKRE: We’ve got Snowflake earnings, and the stock has been down as much as 7% in afterhours trading. Results are just kind of lackluster. They beat on most of the key metrics that I’m seeing, but not really raising guidance that much. So here are the numbers. First quarter results coming in at revenue of $228.9 million. That’s higher than the Street estimate of $213 million. Also up 20% quarter over quarter. Loss per share of $0.70 versus a loss per share of the exact same amount last quarter. So no improvement there.
The number of customers, 4,532. Estimate was for slightly lower, 4,500. So they beat, but not by that much. And I do want to go to their full year forecast. They’re seeing product revenue of $1.02 to $1.04 billion. Previously, they saw just a tiny bit lower. They see adjusted operating margin at negative 17%, which is an improvement over the previous expectation of negative 19%. But again, just not really knocking it out of the park here.
I do have a quote from the CEO Frank Slootman I’ll read for you. Snowflake reported the strong Q1 results with triple digit growth in product revenue reflecting strength in customer consumption. Remaining performance obligation showed a robust increase year over year, indicating strength in sales across the board. Guys.