Snowflake Inc Stock Price, News & Analysis

Snowflake (NYSE: SNOW) has appointed Mark D. McLaughlin to its Board of Directors effective April 5, 2023, following Carl M. Eschenbach's resignation, who has joined Workday as Co-CEO. McLaughlin, a veteran in cybersecurity, previously served as CEO of Palo Alto Networks and as CEO of VeriSign, Inc. He has a rich background in cybersecurity and data, which Snowflake aims to leverage to address enterprise data needs. This leadership change is viewed positively, with expectations that McLaughlin’s experience will enhance Snowflake’s strategic vision and growth.

Frank Slootman, Snowflake’s Chairman and CEO, expressed enthusiasm about McLaughlin’s credentials and experience. Snowflake continues to expand its Data Cloud offerings, already used by thousands of organizations, including a significant number of Fortune Global 2000 companies.

Snowflake (NYSE: SNOW) and Amazon Web Services (NASDAQ: AMZN) announce a multi-year expansion of their partnership focusing on enhanced sales collaboration and industry-specific solutions. With over 6,000 joint customers, including Goldman Sachs, the two companies aim to drive customer-focused innovation across various sectors.

Approximately 84% of Snowflake's customers utilize AWS for their deployments. The partnership emphasizes developing tailored industry solutions, deepening product integrations, increasing sales efforts, and expanding marketing strategies to improve customer experiences and accelerate business growth.

Snowflake (NYSE: SNOW) reported impressive financial results for Q4 and full-year fiscal 2023, ended January 31, 2023. The company achieved product revenue of $555.3 million, reflecting a 54% year-over-year growth. Total revenue for the quarter reached $589.0 million, marking a 53% increase. Remaining performance obligations rose to $3.7 billion, a 38% growth. With a net revenue retention rate of 158%, Snowflake continues to expand its customer base, now totaling 7,828. Looking forward, the company authorized a $2.0 billion stock repurchase program and aims for $2.7 billion in product revenue for fiscal 2024.

Snowflake (NYSE: SNOW) has launched the Telecom Data Cloud, designed to help telecommunications service providers enhance data management and drive digital transformation. This platform aims to break down data silos, allowing near real-time access to enriched data for improved decision-making. Notable clients like AT&T and M1 are already utilizing the platform, which features advanced AI and ML capabilities for operational efficiency. The initiative supports multi-cloud data consolidation and enables personalized service offerings, positioning Snowflake as a leader in the telecom sector amidst evolving technological demands.

Snowflake (NYSE: SNOW) has announced participation in two upcoming investor conferences. CFO Mike Scarpelli will present at the JMP Securities Technology Conference on March 6th at 2:30 p.m. PT. Additionally, both Scarpelli and SVP of Product Christian Kleinerman will present at the Morgan Stanley Technology, Media & Telecom Conference on March 7th at 12:15 p.m. PT. Investors can access the webcasts for both events via the Snowflake investor relations page at https://investors.snowflake.com. Snowflake helps organizations mobilize data across multiple clouds and industries, serving thousands of clients, including 543 of the 2022 Forbes Global 2000.

Snowflake (NYSE: SNOW) is set to release its financial results for Q4 and the full fiscal year 2023, concluding on January 31, 2023. The announcement will occur following the U.S. market close on March 1, 2023. A conference call to discuss the results will start at 3 p.m. MT on the same day. Investors can join the call by dialing (844) 200-6205 or +1 (929) 526-1599 for international access. A live webcast will be available on the Snowflake Investor Relations website, with an audio replay accessible for 30 days post-call.

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.