Summary by Moomoo AI
Snowflake Inc., a cloud-based data warehousing company, reported a significant increase in product revenue for the fiscal year ended January 31, 2024, reaching $2.67 billion, a 38% rise from the previous year's $1.94 billion. The company's professional services and other revenue also saw a 10% increase, contributing to a total revenue of $2.81 billion, up 36% from the prior year. The net revenue retention rate was 131%, indicating strong growth in platform usage by existing customers. Snowflake's customer base grew to 9,437, including 691 Forbes Global 2000 companies, which accounted for about 41% of the fiscal year's revenue. The company's free cash flow (non-GAAP) was reported at $778.9 million, a substantial increase from the previous year's $496.5 million.
In terms of business development, Snowflake continued to expand...Show More