Snowflake shares surge 7% on Q3 beat

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Snowflake shares surge 7% on Q3 beat
Credit: © Reuters.

Snowflake (NYSE: SNOW ) shares gained more than 7% after-hours following the company’s reported Q3 results, with EPS of $0.25 coming in better than the consensus estimate of $0.16.

Revenue grew 32% year-over-year to $734.2 million, beating the consensus estimate of $713.36M. Product revenue increased 34% year-over-year to $698.5M.

Snowflake now has 436 customers with trailing 12-month product revenue greater than $1M, and 647 customers from the Forbes Global 2000 list. These figures represent year-over-year growths of 52% and 10%, respectively.

For Q4, the company expects product revenue in the range of $716-$721M, representing a year-over-year growth of 29-30%. For the full year, product revenue is expected to be $2.65 billion, representing a 37% year-over-year growth.

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