share_log

Snowflake | 8-K: Snowflake Reports Financial Results for the First Quarter of Fiscal 2025

SEC ·  May 23, 2024 04:11

Summary by Moomoo AI

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.

This announcement is a separate document:

Doc 1

Doc 2

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
    Related Stocks Related Stocks
    Symbol Mini Chart Price
    Roadzen
    RDZN
    -- 1.225
    OneConnect Financial Technology
    OCFT
    -- 5.500
    Expensify
    EXFY
    -- 3.875
    SoundHound AI
    SOUN
    -- 10.820
    Rimini Street
    RMNI
    -- 3.550
    Log In for the Full List
    Reassessing Chinese Assets
    Following the introduction of China's groundbreaking DeepSeek technology, Wall Street giants have revised their investment outlooks for the Chinese market.
    Discussing
    Widespread uptick! What's ahead for Chinese stocks in 2025?
    Recently, institutions such as Goldman Sachs, Morgan Stanley, and Appaloosa LP have spoken positively about Chinese assets. Chinese stocks l Show More
    Chinese Stocks' Wild Rally Hits Pause? Wall Street Still Bets Big on Favorites