Snowflake beat on almost everything. One number went the other way

Snowflake reported Q3 revenue of $1.55 billion, up 35% YoY, with product revenue reaching $1.49 billion (37% growth) and adjusted earnings of $0.62 per share, beating consensus estimates. Remaining performance obligations fell short of forecasts at $9.00 billion versus $9.37 billion expected, while net revenue retention hit 126% and the company added 692 net new customers, raising full-year product revenue guidance to $6.07 billion. Non-GAAP operating income was $237 million, but GAAP results showed a $263 million operating loss, largely due to $456 million in stock-based compensation charges.