RTTNews | May 28, 2021 01:41PM EDT

13:40 Friday, May 28, 2021 (RTTNews.com) - California-based cloud service provider Snowlfalke Inc.'s (SNOW) shares are down 1% on Friday morning.

The company reported a widened first-quarter loss of $203 million, compared to $93.8 million last year. On a per-share basis, the loss narrowed to $0.70 from $1.72 per share in the last quarter, due to the higher number of shares outstanding. The company's revenues doubled to $228.9 million from $108.8 million last year.

The shares are trading at $241.60, down 1.4% or $3.68 from $245.15 at closing on Thursday. The shares opened at $238.20 on Friday. In the 52-week period, the stock ranged between $237 to $244.22.

The company became public in September 2020 at a valuation worth $70 billion. The number of customers generating $1 million or more has also grown to 104 from 77 three months back partially offset by a huge increase in R&D and Sales and Marketing expenses.

Moving ahead, the company estimates a revenue of $235 to $240 in the second quarter.

Read the original article on RTTNews ( https://www.rttnews.com/3198471/stock-alert-snowflake-down-1-as-q1-loss-widens.aspx)

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