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Buffett-backed Snowflake's loss widens in first quarterly report post IPO

The company logo for Snowflake Inc. is displayed on a banner to celebrate the company's IPO at the New York Stock Exchange (NYSE) in New York, U.S., September 16, 2020. REUTERS/Brendan McDermid

(Reuters) - Warren Buffett-backed data warehouse firm Snowflake Inc 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. 31 widened to $168.9 million from $88.1 million a year earlier, the company said.

Total revenue for the quarter more than doubled to $159.6 million. Analysts on average had expected revenue of $147.5 million, according to IBES data from Refinitiv.

Reporting by Ayanti Bera in Bengaluru; Editing by Devika Syamnath

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