Snowflake Inc Stock Price, News & Analysis

Snowflake (NYSE: SNOW) has announced its definitive agreement to acquire SnowConvert from Mobilize.Net, a suite of tools designed to streamline database migrations to the Data Cloud. This acquisition aims to facilitate the migration process, significantly reducing effort and time involved. SnowConvert has already converted over 1.5 billion lines of code, enhancing automated migration success rates. Snowflake's VP of Professional Services emphasized the importance of efficient legacy migrations, which enable customers to realize value sooner. The deal awaits regulatory approvals and customary closing conditions.

Snowflake (NYSE: SNOW) reported third-quarter fiscal 2023 results, showing a 67% year-over-year growth in product revenue at $522.8 million. The company also noted remaining performance obligations of $3.0 billion, up 66% year-over-year. The net revenue retention rate reached an impressive 165%. Snowflake added 1,600 new customers during the period, totaling 7,292 customers, with 287 generating over $1 million in product revenue.

For Q4, guidance estimates product revenue between $535 million and $540 million, reflecting 49-50% growth.

Snowflake (NYSE: SNOW) reported significant growth with its Powered by Snowflake program expanding over 6x year-over-year as of July 31, 2022. The company launched four industry-specific Data Clouds and partnered with over 120 collaborators. Innovations across the Data Cloud ecosystem continue, supported by Snowflake Ventures. Strategic partnerships with companies like Deloitte and Capital One enhance joint solutions, focusing on digital innovation and data mobilization. Snowflake remains committed to driving economic value through enhanced platform capabilities.

Snowflake (NYSE: SNOW) announced new innovations at its Snowday 2022 event aimed at enhancing application development within its Data Cloud platform. The general availability of Snowpark for Python allows developers to create applications, pipelines, and machine learning models more efficiently. Organizations like Charter Communications and NerdWallet are leveraging these advancements. Snowflake's integration with Streamlit enhances the usability for data scientists, promoting increased productivity and collaboration, while new features like Dynamic Tables aim to streamline data pipeline development.

At the Snowday 2022 event, Snowflake (NYSE: SNOW) unveiled significant performance enhancements to its data platform, boosting speed and economic efficiency for customers. The Snowgrid technology enables improved cross-cloud collaboration, data governance, and business continuity. Key features include faster queries, cost optimization, and new tools for data sharing and governance. Leading companies like DoorDash benefit from Snowflake's scalable data infrastructure, ensuring seamless operations and enhanced insights.

Snowflake, listed on NYSE as SNOW, will have its Chief Financial Officer, Mike Scarpelli, present at the Barclays Global Technology, Media and Telecommunications Conference on December 8th at 9:50 am PT. The event will be streamed live on the investor relations section of the Snowflake website. Snowflake enables organizations to mobilize their data through its Data Cloud, allowing clients to unite, share, and analyze data securely. As of July 31, 2022, Snowflake services 510 of the 2022 Forbes Global 2000 companies.

Snowflake (NYSE: SNOW) will announce its third quarter financial results for fiscal year 2023, concluding on October 31, 2022, after U.S. markets close on November 30, 2022. A conference call to discuss these results will begin at 3 p.m. Mountain Time on the same day. Participants can join by calling (844) 200-6205 or +1 (929) 526-1599 for international calls. The call will also be available for live streaming on the Snowflake Investor Relations website, with an audio replay accessible for 30 days after the event.

Snowflake has achieved the HITRUST Risk-based, 2-year Certification, enhancing its commitment to data security in the healthcare sector. This certification signifies that Snowflake meets vital regulations for managing healthcare data, placing it among elite organizations worldwide. The company's expanded scope includes federal and state standards, providing a robust framework for data protection. Additionally, Snowflake joins the HITRUST Shared Responsibility Program, offering clients access to over 400 inheritable controls. This initiative streamlines risk management and underscores Snowflake's position as a trusted partner in healthcare data.

Blend Labs, Inc. (NYSE: BLND) has appointed tech veteran Dean Klinger as its new Head of Revenue. Klinger, with over 25 years of experience, previously held senior roles at Snowflake (NYSE: SNOW) and ServiceNow (NYSE: NOW). Reporting to Nima Ghamsari, Klinger will manage the customer journey as Blend strengthens its position in mortgage and consumer banking sectors. Ghamsari expressed confidence in Klinger’s ability to drive the company's vision forward, leveraging his extensive background in cloud banking software.