Snowflake Surpasses Estimates With Total Q1 Revenue Of More Than $623M, Up 48% YoY

Zinger Key Points
  • Snowflake reported first quarter total revenue of $623.6 million, which was up 48% year-over-year.
  • The company is used by 590 of the Forbes Global 2000 customers.

Cloud based data storage company Snowflake Inc SNOW reported first quarter financial results after market close Wednesday.

Here are the key highlights.

  • First-quarter (Q1) total revenue was $623.6 million — up 48% year-over-year.
  • The revenue total beat a Street consensus estimate of $608.4 million, according to data from Benzinga Pro. 
  • Product revenue in Q1 was $590.1 million — up 50% year-over-year.
  • Q1 ended with 373 customers generating product revenue of $1 million or more over the trailing twelve months.
  • Net revenue retention rate of 151%.
  • Snowflake CEO Frank Slootman said "it is no surprise that interest in data science, AI and machine learning is escalating while it uses are rapidly evolving."

Related Link: Snowflake Shares Fall After Q4 Earnings 

What’s Next: The company, which is used by 590 of the Forbes Global 2000 customers, ended Q1 with performance obligations of $3.4 billion. That's up 31% year-over-year.

Second quarter (Q2) product revenue is expected to be in the range of $620 million to $625 million, which would be growth of 33% to 34%.

Snowflake is guiding for full fiscal year product revenue of $2.6 billion, a figure that would be up 34% year-over-year.

SNOW Price Action: Snowflake shares are down 13% to $153.40 in after-hours trading.

Next: Where Snowflake Stands With Analysts 

Image: Shutterstock

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