Snowflake Q2 2023 Earnings Report
Key Takeaways
Snowflake reported strong financial results for the second quarter of fiscal 2023. Product revenue grew 83% year-over-year to $466.3 million, and total revenue reached $497.2 million, also representing 83% year-over-year growth. The company's remaining performance obligations were $2.7 billion, a 78% year-over-year increase, and the net revenue retention rate was 171%.
Product revenue grew 83% year-over-year to $466.3 million.
Total revenue reached $497.2 million, representing 83% year-over-year growth.
Remaining performance obligations (RPO) increased 78% year-over-year to $2.7 billion.
Net revenue retention rate was 171% as of July 31, 2022.
Snowflake
Snowflake
Snowflake Revenue by Segment
Forward Guidance
Snowflake provided guidance for the third quarter of fiscal 2023, projecting product revenue between $500 million and $505 million, representing 60-62% year-over-year growth, and an operating income margin of 2%. For the full fiscal year 2023, the company anticipates product revenue between $1.905 billion and $1.915 billion, indicating 67-68% year-over-year growth, a product gross profit margin of 75%, an operating income margin of 2%, and an adjusted free cash flow margin of 17%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income