REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 29 (Reuters) - Snowflake (SNOW.N) forecast quarterly product revenue above estimates on Wednesday, as increasing adoption of artificial intelligence boosted demand for its data cloud offerings.
Snowflake expects product revenue for the fourth quarter to be in the range of $716 million to $721 million, which is above analysts' average estimate of $700.3 million, according to data from LSEG.
For the third quarter, the company's revenue rose 32% to $734.2 million, above estimates of $713.1 million.
Product revenue, which is derived from the consumption of compute, storage, and data transfer resources, was above estimates at $698.5 million for the quarter ended Oct. 31.
The company also raised its product revenue forecast for 2024 to $2.65 billion from $2.60 billion.
Persons:
Brendan McDermid, Frank Slootman, Arsheeya, Maju Samuel
Organizations:
Snowflake Inc, New York Stock Exchange, REUTERS, LSEG, Gartner, Thomson
Locations:
New York, U.S, Bozeman , Montana, Bengaluru