Snowflake Revenue Grew 102% This Year Compared to 2021: $1.2 Billion Profit for Fiscal Year 2022

Urian B., Tech Times 03 March 2022, 03:03 am

Snowflake has raked in a massive profit for fiscal year 2022. The company's revenue was able to grow a whopping 102% this year compared to its revenue just a year ago.

Snowflake has Just Announced a Massive Revenue Growth in 2021

According to an official report, Snowflake has just recently been able to share its better-than-expected Q4 results. In fact, the product revenue was seen growing a whopping 102% compared to its revenue back in 2021.

Per the story by ZDnet, the cloud company was able to report a whopping $383.8 million in revenue during the fourth quarter alone. This amount was up by 101% compared to a year ago.

The company likewise reported a net loss of 43 cents per share or about a staggering $132.1 million.

Company Beat Wall Street's Initial Revenue Expectations by Almost $12 Million

Snowflake, per expectations of Wall Street, was only supposed to report just $371.89 million in revenue during the company's fourth quarter. Exceeding expectations, the company was even able to report a massive $1.219 billion in revenue for the full fiscal year.

From the $1.219 billion revenue reported, $1.14 billion was said to have came directly from the company's product revenue. Snowflake announced that it was able to end the quarter with a total of 5,944 customers.

Snowflake's CEO Announced Triple-Digit Revenue Growth of the Company's Product

This included 184 customers all with their own trailing 12-month product revenue raking in over $1 million. The CEO of Snowflake, Frank Slootman, announced that Snowflake was able to finish the fiscal year with record-breaking results on consumption and bookings.

Aside from consumption and booking results, Slootman also mentioned a triple-digit revenue growth of the company's product. Slootman also added that the remaining performance obligations raked in $2.6 billion.

$2.6 Billion Performance Obligations Remaining Showing the Company's 99% Year-on-Year Growth

The $2.6 billion performance obligations remaining represent the company's year-on-year growth of a massive 99%. Slootman also shared that the net revenue retention rate of Snowflake was able to reach a massive 178% rate. This was said to be driven directly by continued growth coming from the company's largest customers.

For fiscal year 2023's first quarter, Snowflake is now showing a projected solid product revenue of $383 million all the way up to $388 million. This is a massive increase from 79% all the way to 81% from the previous fiscal year.

Company Projections for 2023 to Grow by 65% to 67% Compared to Current Report

The company is also projecting massive product revenue for its fiscal year 2023. The estimations, as of press time, are said to be between both $1.88 billion all the way up to $1.9 billion.

The projection for 2023 would bring the company up by 65% to 67% compared to its reports for this year. One of the most notable achievements of the company, however, aside from its revenue growth is that it was able to end the quarter with a significant 5,944 customers in total.

This article is owned by Tech Times

Written by Urian B.