SEARCH FINANCIAL SERVICES INFRASTRUCTURE SECURITY SCIENCE INTERVIEWS

 

     

Snowflake Revenue Surges 110% - Guides Up

December 2, 2021

Snowflake reported financial results for its third quarter of fiscal 2022, ended October 31, 2021.

The firm had a loss of 51 cents per share with its net loss shrinking to $154.9 million. That is down from $168.9 million a year prior.

Its top line surged up 110% with revenue coming in at $334.4 million with only $305.6 million expected. Snowflake guided Q4 product revenue between $345 million and $350 million. Which was more than the consensus estimate of $315.9 million.

For the full 2022 fiscal year Snowflake is looking for $1.126 billion to $1.131 billion in product revenue. Wall Street was only expecting guidance ranging between $1.06 billion and $1.07 billion.

Revenue for the quarter was $334.4 million, representing 110% year-over-year growth. Product revenue for the quarter was $312.5 million, representing 110% year-over-year growth. Remaining performance obligations were $1.8 billion, representing 94% year-over-year growth. Net revenue retention rate was 173% as of October 31, 2021. The company now has 5,416 total customers and 148 customers with trailing 12-month product revenue greater than $1 million. See the section titled “Key Business Metrics” for definitions of product revenue, remaining performance obligations, net revenue retention rate, total customers, and customers with trailing 12-month product revenue greater than $1 million.

“Snowflake saw momentum accelerate in Q3, with product revenue growing 110% year-on-year to $312.5 million. Continued international expansion during the quarter resulted in product revenue from the EMEA and APJ regions up 174% and 219% year-on-year, respectively,” said Frank Slootman, Chairman and CEO, Snowflake. “Our vertical industry focus is an important evolution of our selling motion and Snowflake continues to see broad industry adoption.”

Terms of Use | Copyright © 2002 - 2021 CONSTITUENTWORKS SM  CORPORATION. All rights reserved. | Privacy Statement