Snowflake's Q1 Earning Report

👉 Financial Performance:

➡️ Revenue: $828.7M, up 33% year-over-year.

➡️ Product Revenue: $789.6M, up 34% year-over-year.

➡️ Diluted EPS: -$0.95, compared to -$0.70 last year.

➡️ Net Revenue Retention Rate: 128%, reflecting strong customer retention and expansion.

➡️ Remaining Performance Obligations: $5.0B, up 46% year-over-year.

👉 Business Segments:

➡️ Customers with >$1M Trailing 12-Month Product Revenue: 485, up 30% year-over-year.

➡️ Forbes Global 2000 Customers: 709, up 8% year-over-year.

➡️ AI Products: Generating strong customer interest, enhancing AI-powered experiences.

👉 Business Highlights:

➡️ Acquisition Intent: Plans to acquire technology assets and hire key employees from TruEra.

➡️ Target Circle Relaunch: Successfully welcomed over 1 million new members.

➡️ Inventory Management: Q1 inventory down 7% year-over-year with higher in-stock levels.

👉 CEO Statement:

“We finished our first quarter with strong performance across many of our key metrics. Product revenue was up 34% year-over-year at nearly $790 million, while remaining performance obligations were $5.0 billion, up 46% year-over-year. Our core business is very strong. Our AI products, now generally available, are generating strong customer interest. They will help our customers deliver effective and efficient AI-powered experiences faster than ever.” - Sridhar Ramaswamy, CEO, Snowflake.