Snowflake FY22 Q4 and Full Year Earnings
Financial Highlights
Snowflake, the Data Cloud company, announced its financial results for the fourth quarter and full year of fiscal 2022, which ended on January 31, 2022.
Key Highlights:
- Revenue for the quarter was $1,905 million, representing a 117% year-over-year growth.
- Product revenue for the quarter was $1,590 million, representing 50% year-over-year growth.
- The company now has 373 customers with trailing 12-month product revenue greater than $1 million, and 709 Forbes Global 2000 customers.
Q4 and Full Year Financial Results
Following table summarizes the financial results for the quarter and full year:
| Financial Summary | Q4 FY22 | Q4 FY21 | Full Year FY22 | Full Year FY21 |
|---|---|---|---|---|
| Revenue (USD in millions) | $1,905 | $880 | $6,892 | $2,650 |
| Product Revenue (USD in millions) | $1,590 | $1,061 | $5,901 | $3,877 |
| Net Income (USD in millions) | $44 | $99 | $118 | $469 |
| Diluted Net Income per Share (USD) | $0.08 | $0.18 | $0.21 | $0.85 |
| Remaining Performance Obligations (USD in millions) | $2,497 | $1,504 | $7,665 | $3,993 |
Source: Snowflake Investor Relations
Outlook
Snowflake expects to continue its strong growth in the coming year. The company is investing in new products and services, and it is expanding its global reach.
Snowflake's guidance for fiscal 2023 is as follows:
- Revenue between $10.24 billion and $10.29 billion, representing 65% to 66% year-over-year growth.
- Product revenue between $8.24 billion and $8.29 billion, representing 50% to 51% year-over-year growth.
- Non-GAAP net income between $282 million and $292 million.
Conclusion
Snowflake is a leading provider of cloud-based data solutions. The company's strong financial performance and positive outlook make it a good investment for long-term investors.
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