Investing – Snowflake Inc (NYSE:SNOW) shares fell more than nearly 6% Thursday as more than doubling of losses in the first quarter outweighed the company’s higher guidance for this year.
A surge in operating expenses, particularly trebling of research and development spending, drove the loss higher to $203.22 million in the 2022 fiscal first quarter ended April 30. The loss in the first quarter of fiscal 2021 was $93.64 million.
Revenue rose 110% year-on-year to $229 million on new customer acquisitions. The company had 4,532 customers at the end of April compared to 2,720 at the end of same month last year.
The data-analytics software company managed to more than double the number of its $1 million-plus customers. Their number was 104, up from 48 last April.
For the full fiscal, Snowflake pegged its forecast for product revenue in the range of $1.02 billion, to $1.03 billion, which means an 86% growth at midpoint.