Data warehouse firm Snowflake reports bigger loss in first post-IPO quarterly report

(Reuters) — Warren Buffett-backed data warehouse firm Snowflake reported a bigger third-quarter loss on Wednesday, in its first quarterly results following a blockbuster market debut in September, sending its shares more than 5% lower after the bell.

The San Mateo, California-based company, which has 3,554 customers, raised $3.36 billion in its initial public offering after it was priced above the target range in the biggest U.S. listing so far this year.

Snowflake said product revenue, or sales from services on its platform, more than doubled to $148.5 million, accounting for 93% of total revenue in the quarter.

Founded in 2012 in San Francisco, Snowflake sells a cloud data platform which offers to consolidate a business’ data onto one platform. Cloud-based business services have seen rapid growth this year as offices around the world adapted to working remotely during the COVID-19 pandemic.

Net loss for the quarter ended Oct.

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China’s Tencent quarterly profit jumps 89%, beats forecast

By Pei Li



FILE PHOTO: Logo of Tencent is seen at its booth at the 2020 China International Fair for Trade in Services (CIFTIS) in Beijing


© Reuters/TINGSHU WANG
FILE PHOTO: Logo of Tencent is seen at its booth at the 2020 China International Fair for Trade in Services (CIFTIS) in Beijing

HONG KONG (Reuters) – Chinese gaming and social media giant Tencent Holdings Ltd reported on Thursday a forecast-beating 89% rise in quarterly profit, boosted by video games and advertising businesses. The world’s largest gaming firm by revenue booked a 38.5billion yuan ($5.8 billion) profit for the three months throughSeptember. That was ahead of an analyst average estimate of 30.81 billion yuan, according to data from Refinitiv.

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Revenue rose 29% to 125.4 billion yuan.

The Chinese giant has benefitted from healthy growth of paying users for video games in China and international markets. Its flagship game Honor of Kings reported a record 100 million daily active users in the first 10 months of 2020.

Tencent said that, following the COVID-19

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