Snowflake Stock Surges as Revenue, Adjusted Profits Surpass Estimates | Global News Avenue

snowflake(Snow) Shares soared Thursday morning The data software company reported better-than-expected third-quarter results after the bell on Wednesday.

The company reported $942.1 million incomeThat’s 28% year-over-year growth and above analysts’ expectations of $900.3 million, according to estimates compiled by Visible Alpha. Snowflake also recorded net loss The $327.9 million was higher than the $214.7 million net loss in the same period last year, but slightly lower than the $329.5 million analysts expected Snowflake to burn.

After adjusting for about $400 million in one-time charges including stock-based compensation and restructuring costs, Snowflake reported net income of $73.31 million. Adjusted net profitlower than last year’s $89.73 million, but better than analysts’ expectations of $55.31 million.

Snowflake Lifts Product Revenue Guide, Announces Acquisition and Partnership with Anthropic

Throughout the fiscal year, Snowflake improved expected “Product revenue,” a metric that accounts for the bulk of its revenue. Snowflake collects revenue based on usage of its compute, storage and other data products, rather than charging fixed amounts based on contracts.

The company expects product revenue for the quarter to be about $3.43 billion, up from the $3.39 billion analysts forecast in Wednesday’s report.

In addition to the quarterly results, the company announced an acquisition and a new Artificial Intelligence (AI)Momentum Partnership.

The company said it acquired data integration platform Datavolo for an undisclosed amount and entered into a new partnership with Amazon (Amazon)-support anthropic Use its Claude large language model in Snowflake products.

Snowflake shares rose more than 23% Thursday morning and remain about 20% below where they started the year.