Snowflake flies high with strong Q4 and full year 2022 results

Snowflake has announced strong financial results for Q4 and the full fiscal year 2022, ended January 31, 2022.

For the full fiscal year 2022, Snowflake reported a revenue of $1.219bn, with $1.14bn coming from product revenue. 

Revenue for Q4 2022 was $383.8m, representing 101 percent year on year (YoY) growth. Product revenue for the quarter hit $359.6m, an increase of 102 percent YoY. Remaining performance obligations were $2.6bn – equating to 99 percent growth.

Snowflake now has a total of 5,944 customers and 184 customers with trailing 12-month product revenue greater than $1m.  

Frank Slootman, Snowflake chairman and CEO, said: “Snowflake finished fiscal 2022 with record-breaking consumption and bookings results, including triple-digit product revenue growth. Remaining performance obligations were $2.6bn, representing year-on-year growth of 99 percent. Our net revenue retention rate reached 178 percent driven by continued growth from our largest customers.” 

For Q1 2023, Snowflake is projecting product revenue of $383m to $388m, up 79 to 81 percent from fiscal year 2022.

The company anticipates product revenue for fiscal year 2023 between $1.88bn and $1.9bn, up 65 to 67 percent from the previous year. 

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