Snowflake (NYSE:SNOW) moved downward Thursday, despite the cloud data platform provider’s posting a beat on its top and bottom lines.
Snowflake’s revenue guidance for the current period was lighter than investors had expected. The company also announced a $2-billion stock repurchase program.
Revenue for the quarter was $589.0 million, representing 53% year-over-year growth. Product revenue for the quarter was $555.3 million, representing 54% year-over-year growth. Remaining performance obligations were $3.7 billion, representing 38% year-over-year growth. Net revenue retention rate was 158% as of January 31, 2023.
The company now has 7,828 total customers and 330 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.
“Snowflake finished fiscal 2023 with 70% year-over-year product revenue growth, totaling $1.9 billion. Non-GAAP adjusted free cash flow margin for the year was 25%,” said CEO Frank Slootman, “We are operating in a vast and growing market, prioritizing capabilities that support the core mission of the enterprise, and staying on track for our $10 billion product revenue goal in fiscal 2029.”
“Snowflake,” reads this morning’s news release, “enables every organization to mobilize their data with Snowflake’s Data Cloud. Customers use the Data Cloud to unite siloed data, discover and securely share data, and execute diverse analytic workloads. Wherever data or users live, Snowflake delivers a single data experience that spans multiple clouds and geographies.”
SNOW shares were pummeled $19.75, or 12.8%, to $134.76.
