Snowflake shares plunge 13% despite Q3 beat

November 30, 2022 4:24 PM EST

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Snowflake (NYSE: SNOW) shares fell more than 13% after-hours despite the company’s reported better-than-expected Q3 results. EPS came in at $0.11, better than the consensus estimate of $0.04. Revenue grew 67% year-over-year to $557 million, beating the consensus estimate of $539.07 million.

“During Q3, product revenue grew 67% year-over-year to $523 million. Our non-GAAP product gross margin came in at 75%, and we continue to drive strong growth at scale, coupled with strength in unit economics, operating profit, and free cash flow,” said Frank Slootman, Chairman and CEO of Snowflake.

The company expects Q4 product revenue to be in the range of $535-$540 million, representing a 49-50% year-over-year growth.

By Davit Kirakosyan

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