Snowflake Inc., a cloud-based data warehousing company, reported a significant increase in product revenue for the fiscal year ended January 31, 2024, reaching $2.67 billion, a 38% rise from the previous year's $1.94 billion. The company's professional services and other revenue also saw a 10% increase, contributing to a total revenue of $2.81 billion, up 36% from the prior year. The net revenue retention rate was 131%, indicating strong growth in platform usage by existing customers. Snowflake's customer base grew to 9,437, including 691 Forbes Global 2000 companies, which accounted for about 41% of the fiscal year's revenue. The company's free cash flow (non-GAAP) was reported at $778.9 million, a substantial increase from the previous year's $496.5 million. In terms of business development, Snowflake continued to expand...Show More

Snowflake Inc., a cloud-based data warehousing company, reported a significant increase in product revenue for the fiscal year ended January 31, 2024, reaching $2.67 billion, a 38% rise from the previous year's $1.94 billion. The company's professional services and other revenue also saw a 10% increase, contributing to a total revenue of $2.81 billion, up 36% from the prior year. The net revenue retention rate was 131%, indicating strong growth in platform usage by existing customers. Snowflake's customer base grew to 9,437, including 691 Forbes Global 2000 companies, which accounted for about 41% of the fiscal year's revenue. The company's free cash flow (non-GAAP) was reported at $778.9 million, a substantial increase from the previous year's $496.5 million. In terms of business development, Snowflake continued to expand its innovative Data Cloud platform, which allows customers to consolidate data into a single source of truth. The company's cloud-native architecture, which spans across compute, storage, and cloud services, is deployed across three major public clouds and 40 regional deployments worldwide. Snowflake's go-to-market strategy focuses on acquiring new customers and driving increased platform usage among existing ones. Looking ahead, Snowflake plans to invest in research and development, particularly in data science, artificial intelligence, and machine learning, to improve its platform. The company also aims to expand both domestically and internationally, targeting organizations with heightened data requirements. Snowflake's future growth is dependent on the continued adoption of its platform, expansion within its existing customer base, and the ability to attract new customers. The company's board authorized a stock repurchase program of up to $2.0 billion, with $1.4 billion remaining available for future repurchases as of January 31, 2024. Snowflake also completed strategic acquisitions, including Samooha, Neeva Inc., Mountain US Corporation, and LeapYear Technologies, to enhance its technology offerings.