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The snowflake already has about 5,000 customers.
Dreamstime
Snowflake shares are gaining ground in recent operations after the company recorded better-than-expected growth in its second fiscal quarter ended July 31.
Snow flake
shares (ticker: SNOW) rose 5.5% to $ 299.28.
During the quarter, the cloud-based data warehouse software company posted revenue of $ 272.2 million, 104% more than a year ago and ahead of the Street consensus of $ 256.5 million. dollars. Revenue from products was $ 254.6 million, up 103% from $ 235 million to $ 240 million.
Snowflake posted a non-GAAP-based operating loss of $ 21.9 million during the quarter, resulting in a non-GAAP operating margin of -8%, better than the company’s projection of -19%. Adjusted free cash flow was $ 2.8 million, the third consecutive quarter measured in black. According to GAAP, the company lost 64 cents a share in the quarter.
The company ended the quarter with outstanding performance obligations, a measure of future work, of $ 1.5 billion, up 122% from the previous year.
Snowflake (ticker: SNOW) said it now has 4,990 customers in total, 116 with revenue per 12-month product in excess of $ 1 million.
“Snowflake experienced a continued boost in the second quarter with three-digit growth in revenue from products, reflecting the strength of customer consumption,” said Frank Slootman, president and CEO of Snowflake, in a communiqué. Slootman noted that net income retention, a measure of recurring business, was 169%, up from 168% in the April quarter and 158% a year ago.
For the October quarter, Snowflake posted revenue of $ 280 million to $ 285 million, up 89% to 92% from a year earlier, with a non-GAAP operating margin of -7%.
Throughout the year ending January 2022, the company now sees revenue for products ranging from $ 1.06 million to $ 1.07 million, an increase of 91% to 93% per share, above its previous forecast from $ 1.02 billion to $ 1.035 billion, the second time it raised guidance for the year.
Snowflake has a full-year non-GAAP operating margin of -9%, a strong improvement over its previous forecast of -17%. The company sees a tight free cash flow margin of 7%. Snowflake expects a gross non-GAAP product margin of 73%, compared to 69% in fiscal 2021 and 63% in 2020.
Write to Eric J. Savitz at [email protected]