Why Snowflake Shares Are Trading Higher Today

Snowflake Inc (NYSE: SNOW) is trading higher Thursday after the company announced better-than-expected second-quarter fiscal 2022 earnings results.

Snowflake reported a quarterly adjusted earnings loss of 4 cents per share, which beat the estimate for a loss of 15 cents per share. The company reported quarterly revenue of $254.6 million, which came in below the estimate of $256.54 million, but represented 103% growth year over year. 

Snowflake expects full-year fiscal 2022 revenue to be in a range of $1.06 billion to $1.07 billion versus the estimate of $1.11 billion.

“Snowflake saw continued momentum in Q2 with triple-digit growth in product revenue, reflecting strength in customer consumption,” said Frank Slootman, chairman and CEO of Snowflake.

Snowflake is a data lake, warehousing and sharing company with more than 3,000 customers.

SNOW Price Action: Snowflake has traded as high as $429 and as low as $184.71 since its IPO in September.

At last check Thursday, the stock was up 4.03% at $295.27.

Photo: courtesy of Snowflake.