Snowflake (SNOW) Q3 Product Revenue Rises 110% YoY

Snowflake (NYSE: SNOW) reported Q3 revenues $334.4 million versus the consensus estimate of $305.51 million. Product revenue of $312.5 million, representing 110% year-over-year growth.

• Remaining performance obligations of $1.8 billion, representing 94% year-over-year growth
• 5,416 total customers
• Net revenue retention rate of 173%
• 148 customers with trailing 12-month product revenue greater than $1 million

“Snowflake saw momentum accelerate in Q3, with product revenue growing 110% year-on-year to $312.5 million. Continued international expansion during the quarter resulted in product revenue from the EMEA and APJ regions up 174% and 219% year-on-year, respectively,” said Frank Slootman, Chairman and CEO, Snowflake. “Our vertical industry focus is an important evolution of our selling motion and Snowflake continues to see broad industry adoption.”

GUIDANCE:

• Sees Q4 product revenue of $345-$350 million (up 94-96%).
• Sees FY product revenue of $1.126-$1.131 billion (up 103-104%)

For earnings history and earnings-related data on Snowflake (SNOW) click here.

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