Snowflake (NYSE:SNOW) moved lower Thursday on the back of its earnings report. Snowflake posted 22 cents adjusted earnings per share on $674 million in revenue. Analysts polled by Refinitiv had estimated per-share earnings of 10 cents on $662 million in revenue.
Product revenue for the quarter was $640.2 million, representing 37% year-over-year growth. The company now has 402 customers with trailing 12-month product revenue greater than $1 million and 639 Forbes Global 2000 customers, representing 62% and 17% year-over-year growth, respectively. Net revenue retention rate was 142% as of July 31, 2023.
Remaining performance obligations were $3.5 billion, representing 30% year-over-year growth. Net cash provided by operating activities was $83.2 million, representing 29% year-over-year growth. See the section titled “Key Business Metrics” for definitions of product revenue, customers with trailing 12-month product revenue greater than $1 million, net revenue retention rate, Forbes Global 2000 customers, and remaining performance obligations.
During Q2, product revenue grew 37% year-over-year to $640 million. Our non-GAAP adjusted free cash flow was $88 million, representing 50% year-over-year growth,” said CEO Frank Slootman. “Snowflake as the global epicenter of trusted enterprise data is well positioned to enable the growing interest in AI/ML. Enterprises and institutions alike are increasingly aware they cannot have an AI strategy without a data strategy.”
SNOW shares slumped $2.70, or 1.7%, to $153.00.
