Snowflake Reports Q3 earnings and Revenue; more than doubles

Published by

July 25, 2024 2:51 PM

(GMT+2)

Snowflake Inc.’s (NYSE:SNOW) revenue more than doubled in the latest period when the Data Cloud company announced financial results for its third quarter of fiscal 2022.

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Revenue for the quarter represented 110% year-over-year growth at $334.4 million, and product revenue for the quarter was $312.5 million.

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For the full 2022 fiscal year, Snowflake called for $1.126 billion to $1.131 billion in product revenue, presenting growth of between 103% and 104% year-over-year.

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Snowflake’s remaining performance obligations (RPO) rose 94% to $1.8 billion, and its net revenue retention rate increased 173%.

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The Montana-based company, which went public last year and is yet to profit, was one of the hottest stocks. According to FactSet, the stock previously priced at $120 closed down more than 8% on Wednesday at around $311.

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The company, whose investors include Warren Buffett’s Berkshire Hathaway Inc. and Iconiq Capital LLC, has set high intentions.

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In June, the firm said it would hit $10 billion in product revenue in its 2029 fiscal year.

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On Wednesday, Snowflake confirmed it now has 5,416 total customers, compared to 4,990 customers in the previous quarter.

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Company officials said that 148 customers accounted for trailing 12-month product revenue of more than $1 million, including eight customers that accounted for more than $10 million.

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CEO Frank Slootman noted that product revenue was up 174% in Europe, the Middle East, and Africa. Moreover, Snowflake’s data-warehousing software has witnessed robust demand by enterprises looking to speed up their business-analytics abilities.

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ABOUT SNOWFLAKE

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Snowflake enables organizations to mobilize their data with Snowflake’s Data Cloud. Customers use the Data cloud to discover and securely share data, unite siloed data, and execute diverse analytic workloads.

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Regardless of where data or users live, Snowflake delivers a single data experience, spanning multiple clouds and geographies.

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Customers across many industries use Snowflake Data Cloud to power their businesses, including the 2021 Fortune 500.

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