Summary by Moomoo AI
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