Snowflake Revenue Surges 119%

December 3, 2020

Snowflake reported financial results for its third quarter of fiscal 2021, ended October 31, 2020.

Total revenue for the quarter was $159.6 million, representing 119% year-over-year growth. Product revenue was $148.5 million, representing 115% year-over-year growth. Remaining performance obligations were $927.9 million, representing 240% year-over-year growth. Net revenue retention rate was 162% as of October 31, 2020.

The company now has 3,554 total customers and 65 customers with trailing 12-month product revenue greater than $1 million. See the section titled “Key Business Metrics” for definitions of product revenue, remaining performance obligations, net revenue retention rate, total customers, and customers with trailing 12-month product revenue greater than $1 million.

“We are pleased with our performance this first quarter as a public company,” Snowflake CEO, Frank Slootman said. “The period was marked by continued strong revenue growth coupled with improving unit economics, cash flow, and operating efficiencies. Our vision of the Snowflake Data Cloud mobilizing the world’s data is clearly resonating across our customer base.”

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