(Reuters) — Warren Buffett-backed information warehouse company Snowflake reported a larger third-quarter loss on Wednesday, in its first quarterly effects following a blockbuster marketplace debut in September, sending its stocks greater than five% decrease after the bell.
The San Mateo, California-based corporate, which has three,554 shoppers, raised $three.36 billion in its preliminary public providing after it used to be priced above the objective vary within the greatest U.S. record up to now this yr.
Snowflake stated product earnings, or gross sales from services and products on its platform, greater than doubled to $148.five million, accounting for 93% of general earnings within the quarter.
Based in 2012 in San Francisco, Snowflake sells a cloud information platform which provides to consolidate a trade’ information onto one platform. Cloud-based trade services and products have noticed fast enlargement this yr as places of work world wide tailored to operating remotely throughout the COVID-19 pandemic.
Internet loss for the quarter ended Oct. 31 widened to $168.nine million from $88.1 million a yr previous, the corporate stated.
Overall earnings for the quarter greater than doubled to $159.6 million. Analysts on moderate had anticipated earnings of $147.five million, in keeping with IBES information from Refinitiv.
(Reporting via Ayanti Bera in Bengaluru; Enhancing via Devika Syamnath)