Snowflake 1Q Revenue Surges as Major Customer Count Grows
By Dean Seal
Snowflake recorded a wider loss but said its top line soared in the fiscal first quarter as its big-spending customer count grew and product revenue jumped by more than a third.
The cloud-data-warehousing-software provider posted a loss of $317 million, or 95 cents a share, compared with a loss of $225.6 million, or 70 cents a share, in the same quarter a year ago.
Stripping out one-time items, adjusted earnings were 14 cents a share. Analysts polled by FactSet had been expecting 18 cents a share.
Quarterly revenue climbed to $828.7 million from $623.6 million, topping analyst projections for $788.1 million, according to FactSet.
Product revenue was up 34% while revenue retention more than doubled.
Snowflake said it now has 485 customers generating more than $1 million in product revenue per year, up 30% from a year ago.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
May 22, 2024 16:43 ET (20:43 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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