By Liz Moyer
Investing.com — Snowflake Inc (NYSE:SNOW) beat expectations on the top and bottom lines and announced a $2 billion share buyback.
The company reported adjusted earnings per share of 14 cents on revenue of $589 million. Analysts expected fourth-quarter earnings per share of 5 cents on revenue of $576M. Revenue rose 53% from the previous year.
Product revenue represented $555.3M in the fourth quarter, up 54% year-over-year.
Shares of Snowflake fell 5.7% in after-hours trading. They are up 7.7% this year.
CEO Frank Slootman said: “We are operating in a vast and growing market, prioritizing capabilities that support the core mission of the enterprise, and staying on track for our $10B product revenue goal in fiscal 2029.”
The company is forecasting first-quarter product revenue of $568M to $573M, and full fiscal year 2024 product revenue of $2.7B.
Analysts have forecast total revenue in the first quarter of $624M and $3B for the full year.