On May 22, 2024, Snowflake Inc., a Delaware corporation with a globally distributed workforce, reported its financial results for the fiscal quarter ended April 30, 2024. The company, which has designated its office in Bozeman, Montana as its principal executive office, announced a 34% year-over-year growth in product revenue, amounting to $789.6 million. The net revenue retention rate stood at 128%, indicating strong customer retention and increased spending. Snowflake now serves 485 customers with trailing 12-month product revenue greater than $1 million and has 709 Forbes Global 2000 customers. The company's remaining performance obligations grew by 46% year-over-year to $5.0 billion. Snowflake's CEO, Sridhar Ramaswamy, highlighted the strong performance and customer interest in their AI products, which are now generally available. Additionally, Snowflake announced its intent to...Show More

On May 22, 2024, Snowflake Inc., a Delaware corporation with a globally distributed workforce, reported its financial results for the fiscal quarter ended April 30, 2024. The company, which has designated its office in Bozeman, Montana as its principal executive office, announced a 34% year-over-year growth in product revenue, amounting to $789.6 million. The net revenue retention rate stood at 128%, indicating strong customer retention and increased spending. Snowflake now serves 485 customers with trailing 12-month product revenue greater than $1 million and has 709 Forbes Global 2000 customers. The company's remaining performance obligations grew by 46% year-over-year to $5.0 billion. Snowflake's CEO, Sridhar Ramaswamy, highlighted the strong performance and customer interest in their AI products, which are now generally available. Additionally, Snowflake announced its intent to acquire technology assets and key employees from TruEra, an AI observability platform. The financial outlook for the second quarter of fiscal 2025 projects a product revenue growth of 26-27%, and for the full year, a 24% growth in product revenue with a 75% product gross profit margin. The company's GAAP and non-GAAP financial measures were provided, with non-GAAP operating income at $36.2 million, a 4% margin. Snowflake's free cash flow was reported at $331.5 million, with an adjusted free cash flow of $365.7 million. The conference call to discuss these results was scheduled for the same day at 3 p.m. Mountain Time.