RTTNews | Dec 1, 2021 04:56PM EST

16:56 Wednesday, December 1, 2021 (RTTNews.com) - Data cloud company Snowflake Inc. (SNOW) on Wednesday posted narrower third-quarter loss, helped by growth in revenues. Following the results, the company's shares are up 11 percent in Wednesday's after-market trading.

The company posted net loss of $154.9 million or $0.51 per share in the third quarter, narrower than net loss of $168.9 million or $1.01 per share in the year-ago quarter.

Revenues soared 110 percent to $334.4 million from $159.6 million in the same period last year. Product revenues also saw a similar growth of 110 percent to touch $312.5 million in the third quarter.

On average, 23 analysts polled by Thomson Reuters expected the company to post net loss of $0.06 per share on revenues of $305.6 million for the quarter.

Looking ahead, in the fourth quarter, the company expects a 94-96 percent growth in product revenues to touch $345-$350 million. In Wednesday's after-market trading, the stock is up $36.88 or 11% to $346.70.

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