On November 20, 2024, Snowflake Inc., a Delaware corporation with a globally distributed workforce, reported its financial results for the fiscal quarter ending October 31, 2024. The company, which has designated its office in Bozeman, Montana as its principal executive office, announced a 29% year-over-year growth in product revenue, amounting to $900.3 million. The net revenue retention rate stood at 127%, indicating strong customer retention and expansion. Snowflake now serves 542 customers with trailing 12-month product revenue greater than $1 million and has 754 Forbes Global 2000 customers. The company's remaining performance obligations grew by 55% year-over-year, reaching $5.7 billion. CEO Sridhar Ramaswamy highlighted Snowflake's commitment to product cohesion and ease of use, which has contributed to winning new customers and displacing competition. The company's GAAP...Show More

On November 20, 2024, Snowflake Inc., a Delaware corporation with a globally distributed workforce, reported its financial results for the fiscal quarter ending October 31, 2024. The company, which has designated its office in Bozeman, Montana as its principal executive office, announced a 29% year-over-year growth in product revenue, amounting to $900.3 million. The net revenue retention rate stood at 127%, indicating strong customer retention and expansion. Snowflake now serves 542 customers with trailing 12-month product revenue greater than $1 million and has 754 Forbes Global 2000 customers. The company's remaining performance obligations grew by 55% year-over-year, reaching $5.7 billion. CEO Sridhar Ramaswamy highlighted Snowflake's commitment to product cohesion and ease of use, which has contributed to winning new customers and displacing competition. The company's GAAP and Non-GAAP financial results were presented, with a GAAP operating loss of $365.5 million and a Non-GAAP operating income of $58.9 million. Snowflake provided guidance for the fourth quarter of fiscal 2025, projecting product revenue growth of 23% and an operating income margin of 4%. The company also completed a private offering of $1.15 billion in 0% convertible senior notes due in 2027 and 2029, with net proceeds of approximately $2.27 billion after debt issuance costs. A portion of the proceeds was used for capped call transactions and repurchasing common stock. The conference call to discuss these results was scheduled for 3 p.m. Mountain Time on November 20, 2024.