Snowflake Inc.’s (NYSE:SNOW) revenue more than doubled in the latest period when the Data Cloud company announced financial results for its third quarter of fiscal 2022.
Revenue for the quarter represented 110% year-over-year growth at $334.4 million, and product revenue for the quarter was $312.5 million.
For the full 2022 fiscal year, Snowflake called for $1.126 billion to $1.131 billion in product revenue, presenting growth of between 103% and 104% year-over-year.
Snowflake’s remaining performance obligations (RPO) rose 94% to $1.8 billion, and its net revenue retention rate increased 173%.
The Montana-based company, which went public last year and is yet to profit, was one of the hottest stocks. According to FactSet, the stock previously priced at $120 closed down more than 8% on Wednesday at around $311.
The company, whose investors include Warren Buffett’s Berkshire Hathaway Inc. and Iconiq Capital LLC, has set high intentions.
In June, the firm said it would hit $10 billion in product revenue in its 2029 fiscal year.
On Wednesday, Snowflake confirmed it now has 5,416 total customers, compared to 4,990 customers in the previous quarter.
Company officials said that 148 customers accounted for trailing 12-month product revenue of more than $1 million, including eight customers that accounted for more than $10 million.
CEO Frank Slootman noted that product revenue was up 174% in Europe, the Middle East, and Africa. Moreover, Snowflake’s data-warehousing software has witnessed robust demand by enterprises looking to speed up their business-analytics abilities.
ABOUT SNOWFLAKE
Snowflake enables organizations to mobilize their data with Snowflake’s Data Cloud. Customers use the Data cloud to discover and securely share data, unite siloed data, and execute diverse analytic workloads.
Regardless of where data or users live, Snowflake delivers a single data experience, spanning multiple clouds and geographies.
Customers across many industries use Snowflake Data Cloud to power their businesses, including the 2021 Fortune 500.
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