Snowflake Inc., a cloud-based data storage firm, reported its first-quarter financial results after the market’s close on Wednesday.
Here are the main takeaways:
- The total revenue for Q1 was $623.6 million, which was a 48% YoY increase.
- According to data from Benzinga Pro, the revenue exceeded the Street’s consensus estimate of $608.4 million.
- Product revenue in Q1 was $590.1 million, up 50% YoY.
- The quarter ended with 373 customers generating product revenue of $1 million or more over the trailing twelve months.
- The net revenue retention rate was 151%.
- Snowflake’s CEO, Frank Slootman, said, “it is no surprise that interest in data science, AI, and machine learning is escalating while its uses are rapidly developing.”
Related Link: Snowflake Shares Fall After Q4 Earnings
What’s Next: 590 of the Forbes Global 2000 customers use Snowflake, and the company ended Q1 with performance obligations of $3.4 billion, a 31% YoY increase.
The company anticipates that second quarter product revenue will range from $620 million to $625 million, a growth of 33% to 34%. Snowflake is guiding for full fiscal year product revenue of $2.6 billion, a 34% YoY increase.
Following the announcement, Snowflake shares dropped by 13% to $153.40 during after-hours trading.
Next: Where Snowflake Stands With Analysts