Snowflake has excellent Q3 earnings. Revenue soared 110% to $ 334.4 million, beating market forecasts of $ 305.6 million in sales. For the quarter, the company posted a loss of $ 0.51 per share, outperforming market consensus. estimated the expected loss at $ 0.60 per share. The figure was also significantly better than last year's figure of $ 1.01 loss per share. Snowflake's management improved its forecast for fourth-quarter revenue from $ 345mn to $ 350mn, beating market expectations of $ 316mn. We are impressed by the good financials and have revised our fair share price estimate upwards from $ 375 to $ 450.
Management predicts the company's revenues will reach $ 10 billion by the end of fiscal 2029, up from $ 1 billion in fiscal 2022, implying an impressive 38% CAGR. Also, the management announced targets for the 2029 financial year, in particular, the management predicts to increase the profitability of operating cash flow to 10%, and the profitability of free cash flow to 15%. In our opinion, prioritizing Snowflake 's business growth over increasing margins is the right strategy.
Snowflake has made history as the fastest growing software developer, reaching $ 1 billion in revenues since the launch of its main product. Together with record customer retention rates, this makes the company one of the software industry's most compelling growth stories. Snowflake 's original goal was to provide significant competition to players in the storage market. We believe the company will continue to grow its market share through technological innovation that removes price barriers and democratizes the ability to create and share insights between clients.
Snowflake develops its own cloud data platform, empowers workloads, as well as use cases and enterprise data exchange. The company partners with ISVs to create its own unique ecosystem. We believe that investing in innovation is essential to the long-term growth of Snowflake's business. The company is a beneficiary of the digital transformation of the corporate segment, as more and more companies choose to modernize their information assets.
Snowflake was founded in 2012 and is considered the first vendor to have fully architected a data warehousing platform in the public cloud. It offers true multi-region and multi-cloud deployment across AWS, Azure, and GCP utilizing a single unified data layer. This has resulted in a unique data management platform that is designed for full elasticity, fast query processing, unlimited user concurrency, and unified data, all via a usage-based utility service. SNOW's Cloud Data Platform can serve a variety of workloads, enabling customers to unify data into a single source of truth to drive business insights, build data-driven apps, and share data. SNOW is disrupting traditional on-premise analytical database vendors while expanding the market by lowering costs and making it more affordable for companies of all sizes to deploy infrastructure for analytics initiatives. In FY21, SNOW had over 4,000 customers and $592m in revenue.