Snowflake, a cloud-based data warehousing company, reported a 34% year-on-year increase in product revenue, reaching $789.6 million for the quarter ended April 30, 2024. The company's professional services and other revenue also saw a 17% increase, contributing to a total revenue of $828.7 million. Snowflake's net revenue retention rate was 128% as of April 30, 2024, indicating strong growth in platform usage among existing customers. The company's customer base grew to 9,822, including 709 of the Forbes Global 2000 companies, which accounted for 42% of the quarter's revenue. Snowflake's free cash flow for the quarter was robust at $331.5 million. The company's go-to-market strategy focuses on acquiring new customers and increasing platform usage among existing ones. Snowflake's future success hinges on the...Show More

Snowflake, a cloud-based data warehousing company, reported a 34% year-on-year increase in product revenue, reaching $789.6 million for the quarter ended April 30, 2024. The company's professional services and other revenue also saw a 17% increase, contributing to a total revenue of $828.7 million. Snowflake's net revenue retention rate was 128% as of April 30, 2024, indicating strong growth in platform usage among existing customers. The company's customer base grew to 9,822, including 709 of the Forbes Global 2000 companies, which accounted for 42% of the quarter's revenue. Snowflake's free cash flow for the quarter was robust at $331.5 million. The company's go-to-market strategy focuses on acquiring new customers and increasing platform usage among existing ones. Snowflake's future success hinges on the market adoption of its platform, including new product functionalities like Snowpark and AI Technology. Despite macroeconomic challenges, Snowflake's platform has seen widespread adoption, with a growing demand from large enterprises. The company continues to invest in growth, aiming to expand its AI Data Cloud and increase consumption within its existing customer base. Snowflake's board authorized a stock repurchase program of up to $2.0 billion, with $891.9 million remaining for future repurchases as of April 30, 2024.