Loading...
•
Oct 31, 2023
Snowflake Q3 2024 Earnings Report
Snowflake's Q3 2024 earnings showcased robust product revenue growth and strong customer retention, reflecting solid execution amidst a stabilizing macro environment.
Key Takeaways
Snowflake reported a 32% year-over-year increase in total revenue, reaching $734.2 million. Product revenue grew by 34% year-over-year to $698.5 million. The company's net revenue retention rate remained strong at 135%.
Total revenue increased by 32% year-over-year to $734.2 million.
Product revenue grew by 34% year-over-year to $698.5 million.
Net revenue retention rate was 135%.
The company has 436 customers with trailing 12-month product revenue greater than $1 million.
Revenue by Segment
Forward Guidance
Snowflake anticipates continued growth in product revenue for the fourth quarter of fiscal year 2024, with projections between $716 and $721 million, representing a 29-30% year-over-year increase. The company expects an operating income margin of 4%.
Positive Outlook
- Product revenue is projected to grow 29-30% year-over-year.
- Product revenue is expected to be between $716 and $721 million.
- Operating income margin is anticipated to be 4%.
- Weighted-average shares used in computing net income per share attributable to Snowflake Inc. common stockholders - diluted is expected to be 360 million.
- The full-year fiscal 2024 product gross profit is expected to be 77%.
Challenges Ahead
- Guidance is subject to various risks and uncertainties.
- Expenses that may be incurred in the future are uncertain.
- Stock-based compensation-related charges are difficult to predict.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...