Snowflake (SNOW) shares surged Thursday morning after the data software company reported better-than-expected results for the third quarter after the bell on Wednesday.
The company reported $942.1 million in revenue, up 28% year-over-year and above the $900.3 million analysts had expected, according to estimates compiled by Visible Alpha. Snowflake also recorded a net loss of $327.9 million, larger than the $214.7 million net loss it recorded the same time last year, but just smaller than the $329.5 million analysts expected Snowflake to burn.
After adjusting for about $400 million in one-time expenses like stock-based compensation and restructuring costs, Snowflake reported $73.31 million in adjusted net income, down from $89.73 million last year but better than the $55.31 million analysts had expected.
For the full fiscal year, Snowflake lifted its projected“product revenue,” a metric that makes up the bulk of its revenue. Snowflake collects revenue based on usage of its …