Snowflake Inc. 10-Q Report – Key Financial Insights

By Bobby Samwell • Sunday, June 02 15:15 • Permanent Link

Snowflake Inc. has recently released its 10-Q report, providing a detailed insight into the company's financial performance and operations. Snowflake Inc. is a cloud-based data platform provider, offering the Data Cloud, which allows organizations to consolidate data into a single source for insights and data-driven applications, as well as apply artificial intelligence for solving business problems. The company operates through a customer-centric, consumption-based business model, charging customers for the resources they use. As of April 30, 2024, Snowflake had 9,822 total customers, with 709 of them being part of the Forbes Global 2000 list, contributing approximately 42% of the company's revenue for the three months ended April 30, 2024.

In its 10-Q report, Snowflake highlighted key factors affecting its performance, including the adoption of its platform and expansion of the AI Data Cloud, expansion within its existing customer base, and acquiring new customers. The company's future success largely depends on the market adoption of its platform and new product functionality, such as Snowpark and its artificial intelligence and machine learning technology. Snowflake aims to continue investing in research and development to improve its platform, particularly in the areas of data science, artificial intelligence, and machine learning.

The report also mentioned the impact of macroeconomic conditions on Snowflake's business and financial condition, stating that adverse macroeconomic conditions, such as inflation, higher interest rates, and fluctuations in capital markets, may continue to impact the company's operations. Additionally, Snowflake disclosed details about its stock repurchase program, where the board of directors authorized a stock repurchase program of up to $2.0 billion of its outstanding common stock, with $891.9 million remaining available for future repurchases as of April 30, 2024.

Today the company's shares have moved -3.4% to a price of $136.18. Check out the company's full 10-Q submission here.

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