Wednesday, May 26, 2021

Snowflake reports sales of $229 million, up 110% yoy

Snowflake, which offers a cloud service for uniting siloed data and executing diverse analytic workloads, reported quarterly revenue of $228.9 million, representing 110% year-over-year growth. 

Product revenue for the quarter was $213.8 million, representing 110% year-over-year growth. Remaining performance obligations were $1.4 billion, representing 206% year-over-year growth. Net revenue retention rate was 168% as of April 30, 2021. 

Snowflake now has 4,532 total customers and 104 customers with trailing 12-month product revenue greater than $1 million.

“Snowflake reported strong Q1 results with triple-digit growth in product revenue, reflecting strength in customer consumption,” said Snowflake CEO Frank Slootman. “Remaining performance obligations showed a robust increase year-on-year, indicating strength in sales across the board.”