Snowflake reports solid Q3 as revenue soars

Frank Slootman | Snowflake Q1

Snowflake has reported financial results for Q3 fiscal 2022, ended 31 October 2021, revealing revenue of $334.4m, representing 110 percent year on year growth.

Product revenue for the quarter also saw a 110 percent year on year increase to $312.5 million. Remaining performance obligations were $1.8 bn – a 94 percent rise – whilst net revenue retention rate was 173 percent as of 31 October 2021.

The company now has 5,416 total customers and 148 customers with trailing 12-month product revenue greater than $1m.

Frank Slootman, chairman and CEO of Snowflake, said: “Snowflake saw momentum accelerate in Q3, with product revenue growing 110 percent year on year to $312.5m. Continued international expansion during the quarter resulted in product revenue from the EMEA and APJ regions up 174 percent and 219 percent year on year, respectively. Our vertical industry focus is an important evolution of our selling motion and Snowflake continues to see broad industry adoption.”

For Q4 2022, Snowflake expects product revenue of between $345m to $350m, up 94 to 96 percent from a year ago. For the full fiscal year 2022, the company is anticipating around $1.13bn in product revenue, up 103 to 104 percent from the previous year.