Software manufacturer Snowflake announced its fourth quarter results for the 2024 fiscal year.
The Zhitong Finance App learned that after the US stock market on Wednesday, software manufacturer Snowflake (SNOW.US) announced its results for the fourth quarter of the 2024 fiscal year. Snowflake's fourth-quarter revenue and earnings per share were better than expected, but guidance on product revenue for the first quarter and full year of fiscal year 2025 fell short of expectations, and its CEO decided to step down. Affected by this news, as of press release, Snowflake's US stocks fell more than 21% after the market on Wednesday.
According to financial reports, Snowflake's fourth-quarter revenue was US$775 million, up 32% year over year, better than analysts' general expectations of US$759 million; non-GAAP earnings per share were $0.35, better than analysts' general expectations of $0.18, compared to $0.14 for the same period last year.
Fourth-quarter product revenue was US$738 million, up 33% year over year, better than analysts' general expectations of US$716 million; remaining performance obligations were US$5.2 billion, up 41% year over year. By the end of the fourth quarter, 461 customers had spent more than $1 million on products in the past year.
Looking ahead, Snowflake expects product revenue for the first quarter of fiscal year 2025 to be between US$745 million and US$750 million (that is, an increase of 26% to 27% year over year), falling short of analysts' general expectations of US$759 million. The company also expects full-year product revenue of $3.25 billion for fiscal year 2025, which also falls short of analysts' general expectations of $3.43 billion.
Additionally, Snowflake announced that the company's CEO Frank Slootman has decided to step down, and Sridhar Ramaswamy, who previously served as the company's senior vice president of artificial intelligence, has been appointed as CEO, effective immediately. Snowflake added that Frank Slootman will continue to serve as chairman of the board.