Snowflake Spikes In Pre-market On Quarterly Results, Outlook

(RTTNews) - Shares of Snowflake Inc. (SNOW), cloud-based data storage and analytics company, are up more than 14% in pre-market after reporting narrower loss helped by more than 100% revenue growth on increase in product revenue. The company also provided 94%-96% growth outlook in product sales for the fourth quarter.

Revenue for the third quarter quarter increased 110% year-over-year to $334.4 million.

Net loss for the quarter narrowed to $154.86 million or $0.51 per share from $168.89 million o $1.01 per share in the same quarter a year ago.

Looking forward to the fourth quarter the company sees product revenue to be in the range of $345 million- $350 million, 94% - 96% up year-over-year.

For the full-year, product sales is expected between $1.126 billion- $1.131 billion, up 103%- 104% year-over-year.

Snowflake stock closed Wednesday's trade at $311, down 29.15 or 8.57%. The stock is currently at $356.