HomeEquities ScoreWhy Snowflake Inc. (SNOW) stock popup in the after-hours on Wednesday?

Why Snowflake Inc. (SNOW) stock popup in the after-hours on Wednesday?

Snowflake Inc. (SNOW) shares surged 16.24% in after-hours on Wednesday, December 01, 2021, and closed the daily trading at $361.50. However, in the regular trading session, SNOW’s stock lost 8.57%. SNOW shares have risen 1.75% over the last 12 months, and they have moved down 9.48% in the past week. Over the past three months, the stock has gained 3.32%, while over the past six months, it has soared 30.44%.

Let’s have a brief look at its recent news.


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SNOW latest development

On December 01, 2021, Snowflake (SNOW), announced financial results for its third quarter of fiscal 2022, which ended October 31, 2021.

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Q3 2022 financial highlights

  • SNOW revenue for the quarter was $334.4 million compared to $159.6 million in Q3 2021.
  • The total cost of revenue was $120.78 million in Q3 2022 compared to $66.68 million in Q3 2021.
  • Total operating expenses were $370.96 million in Q3 2022 compared to $262.4 million in Q3 2021.
  • It suffered a net loss of $154.85 million in Q3 2022 compared to a net loss of $168.9 million in Q3 2021.

FY 2022 financial outlook

  • The company is expecting revenue to be in the range of $345 million to $350 million for Q4 2022.
  • For FY 2022, revenue is expected in the range of $1.126 billion to $1.131 billion.

SNOW latest data Cloud innovations

On November 16, 2021, Snowflake (SNOW) announced at its Snowday event new product capabilities that build on its unified platform to expand what’s possible in Data Cloud, while unlocking new levels of simplicity. The company announced Snowpark for Python as well as other latest innovations to help global organizations operate consistently across clouds and regions. The new products will help data engineering and data science teams to build pipelines, ML workflows, and data applications faster and more flexibly and it will simplify getting the right data into the hands of customers.

SNOW launched a new Media data cloud

On October 19, 2021, Snowflake (SNOW), launched Media Data Cloud, which unites Snowflake’s powerful data-sharing technology; cutting-edge standards of privacy and governance. The Media Data Cloud enables marketers, publishers and data and ad technology businesses to unlock their data for identity, insights, activation and measurement across the advertising ecosystem.

SNOW Third annual data drivers award winners

On October 05, 2021, Snowflake (SNOW) announced the finalists and winners of the third-annual Data Drivers Awards for North America.

The 2021 Data Driver of the Year award winner is Warner Music Group. Other Data Drivers Awards winners are the California Department of Technology (CDT), in the data for good category.

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Conclusion

The Snowflake stock turnaround in the after-hours after improved financial results announcement and it can continue to perform well in the coming trading sessions on Thursday.

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