Snowflake Rises On Better-than-expected Quarterly Profit

(RTTNews) - Shares of Snowflake Inc. (SNOW), a provider of a cloud-based data platform, are rising more than 5% Thursday morning after reporting better-than-expected profit in the third quarter.

Excluding one-time items, the company posted profit of $90.11 million or $0.25 per share for the third quarter, that beat the average estimate of analysts polled by Thomson-Reuters of $0.16 per share.

Snowflake reported a net loss of $214.25 million or $0.65 per share, wider than $200.94 million or $0.63 per share loss in the same quarter a year ago.

Revenue for the quarter increased 32% year-over-year to $734.17 million, driven by growth in product revenue.

For the full year, the company expects product revenue to grow 29%-30%.

SNOW, currently at $185.51, has traded in the range of $119.27 - $193.94 in the last 1 year.