Snowflake grows 67 percent in Q3 results

Frank-Slootman-CEO | Snowflake Q3

Snowflake, the data cloud company, has today announced financial results for its third quarter of fiscal 2023, reporting $557m quarterly revenue. The figure represents 67 percent year-over-year growth for the firm and follows on from a successful previous quarter.

Product revenue for the quarter was $522.8m, and remaining performance obligations were $3bn, representing 66 percent year-over-year growth. The company’s net revenue retention rate was 165 percent for the quarter.

The results see Snowflake’s guidance product income for the full fiscal year sitting at up to 69 percent growth and looking to bring up to $1.9bn in product revenues.

The company now has 7,292 total customers, as well as 287 customers with a trailing 12-month product revenue greater than $1m. Customer satisfaction for the vendor scored at 100 percent.

“Snowflake’s Data Cloud maximizes the power and promise of data science and artificial intelligence, a high priority in the modern enterprise,” said Frank Slootman, chairman and CEO, Snowflake. “During Q3, product revenue grew 67 percent year-over-year to $523m. Our non-GAAP product gross margin came in at 75 percent, and we continue to drive strong growth at scale, coupled with strength in unit economics, operating profit, and free cash flow.”