06:22 AM EDT, 05/23/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph.)

Snowflake (SNOW) shares were up 3.9% in premarket on Thursday after the company reported higher-than-expected growth in fiscal Q1 sales, outweighing the moderate decline in earnings.

The company reported fiscal Q1 non-GAAP net income late Wednesday of $0.14 per diluted share, down from $0.15 a year earlier.

Analysts polled by Capital IQ expected $0.17.

Revenue in the quarter ended April 30 rose to $828.7 million from $623.6 million a year earlier.

Analysts surveyed by Capital IQ expected $785.9 million.

The company said it expects fiscal Q2 product revenue of $805 million to $810 million with fiscal 2025 product revenue of $3.3 billion.

Price: 169.63, Change: +6.29, Percent Change: +3.85