Wednesday, August 25, 2021

Snowflake clocks Q2 revenue of $272.2 million, up 104% yoy

Snowflake, which provides data cloud services reported revenue of $272.2 million for its second quarter of fiscal 2022, ended July 31, 2021. This represents 104% year-over-year growth. 

Product revenue for the quarter was $254.6 million, representing 103% year-over-year growth. Remaining performance obligations were $1.5 billion, representing 122% year-over-year growth. Net revenue retention rate was 169% as of July 31, 2021. The company now has 4,990 total customers and 116 customers with trailing 12-month product revenue greater than $1 million. 

“Snowflake saw continued momentum in Q2 with triple-digit growth in product revenue, reflecting strength in customer consumption,” said Snowflake Chairman and CEO Frank Slootman. “While increasing net revenue retention rate to 169%, we also boosted gross margin and operating margin efficiency while our adjusted free cash flow was positive for the third quarter in a row.”

Snowflake's customers use the Data Cloud to unite siloed data, discover and securely share data, and execute diverse analytic workloads.