Snowflake Inc (NYSE:SNOW) reported first-quarter financial results after the market close on Wednesday. Here’s a look at the key metrics from the quarter.
Q1 Earnings: Snowflake reported first-quarter revenue of $1.04 billion, beating analyst estimates of $1.01 billion. The AI data cloud company reported adjusted earnings of 24 cents per share, beating analyst estimates of 21 cents per share, according to Benzinga Pro.
Total revenue was up 26% year-over-year. Product revenue came in at $996.8 million, also up 26% year-over-year. Net revenue retention rate was 124% in the quarter.
Remaining performance obligations totaled $6.7 billion, up 34% year-over-year. Snowflake said it ended the quarter with 606 customers with trailing 12-month product revenue greater than $1 million. The company also had approximately $2.24 billion in cash and cash equivalents at quarter’s end.
“Snowflake’s mission is to empower every enterprise to achieve its full potential through data and AI,” said Sridhar Ramaswamy, CEO of Snowflake.
“Our focus on making the Snowflake platform easy to use, to enable fluid access to data wherever it sits, and trusted for enterprise-grade performance, is what makes us differentiated and beloved by more than 11,000 customers. We see an enormous opportunity ahead as we extend this value throughout the full data lifecycle.”
Guidance: Snowflake expects second-quarter product revenue in the range of $1.035 billion to $1.04 billion, up approximately 25% year-over-year. The company anticipates full-year product revenue of $4.33 billion, representing 25% year-over-year growth.
Snowflake executives will further discuss the quarter on a conference call with investors and analysts at 5 p.m. ET.
SNOW Price Action: Snowflake shares were up approximately 17% year-to-date heading into the print. The stock was up 7.41% in after-hours, trading at $192 at the time of publication on Wednesday, according to Benzinga Pro.
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