Snowflake Shares Jump on Strong Product Sales Growth Outlook [Yahoo! Finance Canada]
Piper Sandler Companies (PIPR)
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Source: Yahoo! Finance Canada
Most Read from Bloomberg Product revenue, which makes up the bulk of Snowflake's business, will be $906 million to $911 million in the period ending in January, the company said Wednesday in a statement. Analysts, on average, predicted $890.7 million, according to data compiled by Bloomberg. Adjusted operating margin will be about 4%, while analysts expected 1.7%. Snowflake's software pulls in, organizes and analyzes data from a variety of sources. Under Chief Executive Officer Sridhar Ramaswamy, the company has introduced products that use generative AI and allow people to analyze more types of data. Product cohesion and ease of use is “leading us to win new logo after new logo, expand within our customer base, and displace our competition over and over again,” Ramaswamy said in the statement. As part of this effort, Snowflake announced it has agreed to acquire Datavolo Inc., a startup that allows easier ingestion of unstructured data, which is unorganized information from oth
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