By Dhirendra Tripathi
Investing.com – Snowflake stock (NYSE:SNOW) climbed 7% Thursday as the company’s second-quarter revenue more than doubled, and it gave revised guidance.
The company's count of customers with trailing 12-month product revenue greater than $1 million also doubled.
Product revenue doubled, and product margins improved, which the company attributed to scale and better discipline over discounting, among other reasons.
The company said it is engaging more with bigger customers, and a larger renewal mix is leading to lower commissions.
The company closed the quarter ended July 31 with remaining performance obligations of $1.5 billion, up 122% on-year.
Revenue for the quarter rose 104% to $272.2 million.
The net loss widened as cost of revenue rose 110% and operating expenses jumped 128%. On a per share basis though, net loss more than halved to 64 cents.
The company now sees its annual product revenue between $1.06 billion and $1.07 billion, up 91% to 93%. It had earlier guided for $1.02 billion to $1.03 billion in product revenue.
Snowflake Jumps on Doubling of Revenue, Revised Guidance
T-Mobile hacker says wireless carrier's security "awful" – WSJ
Shipping woes squeeze profits at U.S. dollar stores, shares slip