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Why Snowflake (SNOW) Jumped 16% Today

Shares of cloud data warehouse company Snowflake SNOW soared on Thursday, closing up 16% after reporting its first earnings report since the company’s September IPO.

Total revenue grew 119% to $159.6 million, product revenue was up 115%, operating loss was $48.1 million, beating Wall Street expectations, and net loss came to $1.01 per share. The company now expects $162 million to $167 million in product revenue for fiscal Q4.

SNOW went public at $120 a share back in September, and more than doubled in its first day of trading to $253.93. SNOW is up 33.8% year-to-date compared to the S&P 500’s 8% gain.

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