Snowflake Inc clawed back some of its year-to-date losses in Thursday’s pre-market trades following a strong third-quarter revenue result.
The cloud-based data-storage company’s total sales reached $942.1 million in the quarter, representing a 28% year-over-year increase.
Snowflake remains heavily lossmaking though, having posted a £365.5 million loss at the operating income level due to elevated marketing and R&D costs.
Chief executive Sridhar Ramaswamy stated: “Our obsessive drive to produce product cohesion and ease of use has built Snowflake into the easiest and most cost-effective enterprise data platform.
“That is what’s leading us to win new logo after new logo, expand within our customer base, and displace our competition over and over again.”
Snowflake’s share price was heavily discounted in February following former chief executive Frank Slootman’s surprise departure.
Ramaswamy, who was previously Snowflake’s AI senior vice president, stepped up to the plate following Slootman’s departure.
For the fourth quarter of fiscal 2025, Snowflake anticipates product revenue in the range of $906 million to $911 million, representing a 23% year-over-year growth rate.
Snowflake’s pre-market share price soared over 20% in response to the third-quarter earnings, but they remain around 14% lower year to date.