By Denny Jacob

 

Snowflake Inc. reported a narrower loss and better-than-expected revenue in the first quarter.

The company, which provides cloud data warehousing software, narrowed its net loss to $165.8 million, or loss of 53 cents a share, in the quarter ended April 30, compared with a net loss of $203.2 million, or a loss of 70 cents a share, a year earlier. Analysts polled by FactSet expected a loss of 52 cents a share.

Revenue rose to $422.4 million from $228.9 million. Analysts polled by FactSet expected $413.7 million.

Snowflake said it had 6,322 customers in the first quarter. Two hundred and six customers accounted for more than $1 million in product revenue over the past 12 months.

The company guided for revenue between $435 million and $440 million in the second quarter. For fiscal 2023, it guided for revenue between $1.89 billion and $1.9 billion, a slight uptick from its prior range of $1.88 billion and $1.9 billion.

Shares of Snowflake declined 13.5% to $114.90 in after-hours trading.

 

Write to Denny Jacob at denny.jacob@wsj.com

 

(END) Dow Jones Newswires

May 25, 2022 16:34 ET (20:34 GMT)

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