Cloud-based data-warehousing company Snowflake Inc. (SNOW) reported its third quarter results further generating a bigger loss compared to the previous quarter. For the third quarter ending October 31, the company reported a net loss of $168.9 million.
This loss is far much wider compared to the $88.1 million net loss the company reported at a similar period last year.
Total revenue in the quarter was up more than 100% to $159.6 million. This value was even higher than the $147.5 million revenue estimates analysts had predicted for the company in the quarter.
This marked the first quarter Snowflake was reporting quarterly results as a public traded company after its highly anticipated Initial Public Offering which happened in September.
In the IPO, Snowflake fetched a total of $3.36 billion making it the biggest IPO in the United States so far this year. In the IPO, the company priced its shares above the earlier issued target range.
Snowflake offers a cloud data platform which consolidates the data of business entities to one platform.
With the coronavirus pandemic, cloud based business has been flourishing due to remote working and online learning. The company said sales from cloud services in the quarter amounted to $148.5 million accounting for 93% of the company’s third quarter revenue.
