On August 21, 2024, Snowflake Inc., a Delaware corporation with a globally distributed workforce, reported its financial results for the fiscal quarter ending July 31, 2024. The company, which has designated its Bozeman, Montana office as its principal executive office, announced a 30% year-over-year growth in product revenue, reaching $829.3 million. The net revenue retention rate stood at 127%, with 510 customers generating over $1 million in trailing 12-month product revenue. Snowflake also reported having 736 Forbes Global 2000 customers and a remaining performance obligation of $5.2 billion, marking a 48% year-over-year increase. Additionally, the company authorized an additional $2.5 billion for stock repurchases through March 2027. Snowflake's CEO, Sridhar Ramaswamy, highlighted the strong quarter and raised the product revenue guidance for the year, citing innovation and early success with...Show More

On August 21, 2024, Snowflake Inc., a Delaware corporation with a globally distributed workforce, reported its financial results for the fiscal quarter ending July 31, 2024. The company, which has designated its Bozeman, Montana office as its principal executive office, announced a 30% year-over-year growth in product revenue, reaching $829.3 million. The net revenue retention rate stood at 127%, with 510 customers generating over $1 million in trailing 12-month product revenue. Snowflake also reported having 736 Forbes Global 2000 customers and a remaining performance obligation of $5.2 billion, marking a 48% year-over-year increase. Additionally, the company authorized an additional $2.5 billion for stock repurchases through March 2027. Snowflake's CEO, Sridhar Ramaswamy, highlighted the strong quarter and raised the product revenue guidance for the year, citing innovation and early success with new AI products. The company's GAAP and non-GAAP financial results were detailed, including a 30% increase in product revenue and a 48% increase in remaining performance obligations. Snowflake's financial outlook for the third quarter and full-year fiscal 2025 was provided, with product revenue expected to grow by 22% and 26%, respectively. The company's stock repurchase program was expanded, and details of the conference call and investor presentation were shared.