Snowflake reported better-than-expected third quarter results as sales surged 110% from a year ago.

The cloud data company reported third quarter revenue of$334.4 million, up 110% from a year ago, with a net loss of$154.86 million, or 51 cents a share.

Wall Street was expecting Snowflake to report third quarter revenue of$305.6 million with a non-GAAP loss of 6 cents a share. Analysts were expecting a third quarter GAAP loss of 60 cents a share.

Snowflake said it ended the quarter with 5,416 customers, including 148 customers with 12-month product revenue of more than$1 million.

CEO Frank Slootman said the company's plan to target verticals is paying off. Snowflake is also expanding globally.

Also: Snowflake to support Python natively in its Snowpark developer platform

For the fourth quarter, Snowflake is projecting product revenue of$345 million to$350 million, up 94% to 96% from a year ago. For fiscal 2022, Snowflake is projecting product revenue between$1.126 billion and$1.131 billion, up 103% to 104% from the prior year.

Snowflake has been putting up strong growth with what the company calls a non-SaaS model. For instance, 93% of its revenue is consumption-based and revenue is only recognized when consumption occurs. Contract durations are increasing with annual billion.

Tech Earnings

SMART Global fiscal Q2 results, outlook top expectationsAdobe shares sag as outlook misses expectationsMicron stock jumps as fiscal Q2 results, outlook top expectationsOracle shares rebound, fiscal Q4 view tops expectationsPagerDuty stock surges as fiscal Q4 revenue, forecast top expectationsDocuSign shares plunge, Q1 and year views miss expectationsCrowdstrike reports Q4 revenue of$431 million and$1.45 billion for full yearBroadcom shares jump as fiscal Q1 results, outlook top expectations

• SMART Global fiscal Q2 results, outlook top expectations
• Adobe shares sag as outlook misses expectations
• Micron stock jumps as fiscal Q2 results, outlook top expectations
• Oracle shares rebound, fiscal Q4 view tops expectations
• PagerDuty stock surges as fiscal Q4 revenue, forecast top expectations
• DocuSign shares plunge, Q1 and year views miss expectations
• Crowdstrike reports Q4 revenue of$431 million and$1.45 billion for full year
• Broadcom shares jump as fiscal Q1 results, outlook top expectations