Snowflake posted more than doubled revenues in the quarter ended in July, year over year, to $272.2 million, according to a news release by Snowflake on Wednesday.
- The total revenue of the company includes product revenue of $254.6 million, up 103%, and surpassing the company’s forecast of $235 million to $240 million.
- Snowflake’s remaining performance obligation increased by 122% year over year, to $1.5 billion.
- The data cloud company had a net revenue retention rate of 169% in the quarter. The company now has 4,990 total customers and 116 customers with a trailing 12-month product revenue of over $1 million.
- Snowflake Chair and CEO Frank Slootman stated that the continued momentum in the previous quarter with triple-digital growth in product revenue reflected strength in customer consumption.
The Data Cloud Giant raised its 3Q forward guidance of product revenues to $280 to $285 million, 89 to 92% growth YOY. Full-year product revenue is expected to rise by 91 to 93%.
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