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SNOW-SNOWFLAKE INC

Snowflake Reports Strong Q3 Earnings and Raises Revenue Guidance, Shares Surge 32% Amid AI Growth Expectations

Saturday

30 November, 2024

Snowflake's latest earnings report showcases a remarkable 29% year-over-year revenue growth, propelling its stock up 32%. As the company raises its full-year guidance amid AI growth expectations, can it maintain this momentum in a competitive landscape?

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Key Takeaways
  • Snowflake Inc. reported third-quarter revenues of $900.3 million, reflecting a 29% increase compared to the previous year.
  • The company's earnings per share of 22 cents surpassed analyst predictions significantly.
  • Full-year product revenue guidance has been raised to around $3.43 billion, showcasing ongoing growth.
  • A net revenue retention rate of 127% highlights strong customer satisfaction and relationship expansion.
  • Analysts are optimistic about Snowflake's potential in the artificial intelligence market, with a target price of $190.
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