Snowflake Inc. (NYSE: SNOW) Q3 2021 Earnings Highlights
Frank Slootman, CEO:
“…
We saw momentum accelerate in Q3 with product revenues growing 110% year-on-year to $312 million and remaining performance obligations growing to $1.8 billion. The net revenue retention rate expanded to 173% and we recorded our first positive non-GAAP operating income in the company’s history.
Our Q3 Fortune 500 customer count totaled 223, increasing by eight in the quarter and we now have 148 customers with trailing 12-month product revenue greater than $1 million.
Our growth is driven by a diverse mix of customers, the 10 largest consumers in Q3 include four Fortune 500 companies, four companies less than 10 years old, and a Powered By Snowflake program partner.
We continued our international expansion with product revenue from EMEA and Asia-Pacific outstripping the company’s year-on-year growth, up 174% and 219% respectively. We recently launched operations in three new countries Israel, Korea, and the United Arab Emirates.
Vertical industry focus is an important evolution of our selling motion, especially in global enterprise accounts. During the quarter, we announced two industry data clouds. The Financial Services Data Cloud brings together to Snowflake platform partner solutions and industry data to help financial services organizations mobilize their data. Customers can launch products, build FinTech platforms, and accelerate their compliance on top of Snowflake.
Industry leading customers Allianz, Blackrock, Capital One, New York Stock Exchange, Refinitiv, Square, State Street, and the Western Union are all part of the Financial Services Data Cloud.
We also launched Media Data Cloud, which enables media and advertising companies to share data for audience insights and measurements. With data clean rooms enabled by Snowflake, advertisers, agencies, and publishers can design their own collaborative environments. The Media Data Cloud includes industry leaders like Disney Advertising Sales, Experian, Horizon Media, and The Trade Desk.
We’re teaming up with Disney Advertising Sales to provide the infrastructure underlying their new data cleanroom solution. Together, Snowflake and Disney Advertising Sales enable data collaboration for compliant and secure advertising.
We launched our Powered By Snowflake program in June to help companies build and promote applications into Data Cloud. Powered By Snowflake is designed to accelerate the delivery of cloud applications on Snowflake.
To-date, there are over 175 Powered By Snowflake companies who have access to technical resources to design their applications. Most recently, we announced Securonix, UiPath, VideoAmp, and ZoomInfo as Powered By Snowflake partners.
In October, we held a Snowflake BUILD Summit, which focuses on software developers, data scientists, and data engineers. The event received over 20,000 registrations, which was three times last year’s BUILD events. Attendees got a closer look at new applications leveraging Snowpark, which brings programmability to Snowflake and is in public preview. Developers explored how new Java user defined functions are expanding, what is possible with Snowflake.
Updates to the Snowpark Accelerated program were also announced at BUILD. Snowpark Accelerated provides partners with access to technical experts and market exposure to Snowflake customers. Snowpark provides programming language choice to Snowflake’s Data Cloud. Customers can access pre-built partner capabilities and integrations. It is leveraged by companies such as DataIQ, DataRobot, and H2O.ai…”