Snowflake Product Revenue Surges 117%
March 5, 2021
Snowflake reported financial results for its fourth quarter and full year of fiscal 2021, ended January 31, 2021. The firm posted a loss of 70 cents per share. Their Q4 net loss grew to about $199 million from $83 million last year.
Revenue for the quarter was $190.5 million, representing 117% year-over-year growth. Product revenue for the quarter was $178.3 million, representing 116% year-over-year growth. Remaining performance obligations were $1.3 billion, representing 213% year-over-year growth. Net revenue retention rate was 168% as of January 31, 2021. The company now has 4,139 total customers and 77 customers with trailing 12-month product revenue greater than $1 million.
Wall Street was looking for revenue of $178.5
The Ciena ended its dual-class structure, in which Class A shares got one vote per share and Class B shares got 10 votes per share. With the change, all Class B shares will be converted into Class A shares. Dual-class structures enable founders and early investors maintain control, and block takeovers from activist investors.
Snowflake guided $195 million to $200 million in product revenue for Q1. The Street anticipated $196.3 million in product revenue. For the full 2022 fiscal year, the company guided $1.00 billion to $1.02 billion in product revenue. Consensus estimates were at $1.01 billion in product revenue.