Snowflake Surpasses Estimates With Total Q1 Revenue Of More Than $623M, Up 48% YoY

Cloud based data storage company Snowflake Inc SNOW reported first quarter financial results after market close Wednesday.

Here are the key highlights.

• First-quarter (Q1) total revenue was $623.6 million — up 48% year-over-year.
• The revenue total beat a Street consensus estimate of $608.4 million, according to data from Benzinga Pro. 
• Product revenue in Q1 was $590.1 million — up 50% year-over-year.
• Q1 ended with 373 customers generating product revenue of $1 million or more over the trailing twelve months.
• Net revenue retention rate of 151%.
• Snowflake CEO Frank Slootman said "it is no surprise that interest in data science, AI and machine learning is escalating while it uses are rapidly evolving."

Related Link: Snowflake Shares Fall After Q4 Earnings 

What’s Next: The company, which is used by 590 of the Forbes Global 2000 customers, ended Q1 with performance obligations of $3.4 billion. That's up 31% year-over-year.

Second quarter (Q2) product revenue is expected to be in the range of $620 million to $625 million, which would be growth of 33% to 34%.

Snowflake is guiding for full fiscal year product revenue of $2.6 billion, a figure that would be up 34% year-over-year.

SNOW Price Action: Snowflake shares are down 13% to $153.40 in after-hours trading.

Next: Where Snowflake Stands With Analysts 

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