Snowflake Inc Stock Price, News & Analysis

Snowflake (NYSE: SNOW) announces the release of its third-quarter fiscal 2022 financial results, ending October 31, 2021. The results will be disclosed following the U.S. market close on December 1, 2021, followed by a conference call at 2 p.m. Pacific Time. Participants can register in advance for the call through the company’s Investor Relations website. This event allows investors to gain insights into Snowflake's performance as it continues to attract a diverse customer base, including 212 of the Fortune 500.

Snowflake has launched the Media Data Cloud, a platform aimed at enhancing data collaboration within the media and advertising sectors. This platform allows businesses to securely share and analyze data, empowering marketers and publishers with crucial identity insights and campaign measurement capabilities.

Industry leaders such as AWS and Disney are already utilizing this technology, which emphasizes privacy and governance. The Media Data Cloud supports various applications enabling real-time insights while maintaining data integrity, making it a significant advancement in advertising technology.

Snowflake (NYSE: SNOW) announced the commencement of its Global Startup Challenge at the annual BUILD Summit. This initiative invites startups with under $5M in funding to develop data applications leveraging Snowflake's Data Cloud. Three finalists will compete for a chance at total investments of up to $1M and global marketing exposure. Applications are open from October 4, 2021 to March 1, 2022, with winners announced during the Snowflake Summit in Summer 2022.

Snowflake (NYSE: SNOW) and Citi (NYSE: C) have launched a strategic initiative to enhance data management in financial services. This collaboration will leverage Snowflake's Data Cloud to streamline post-trade processes, enabling organizations to mitigate risks and drive innovation. The partnership combines Snowflake's secure data sharing capabilities with Citi's extensive market expertise, providing unique solutions for data models and client needs across the industry. This initiative aims to redefine the data experience for financial services, improving transaction workflows significantly.

Snowflake (NYSE: SNOW) has achieved a significant milestone by being the first cloud platform to undergo an assessment by KPMG on the 14 Key Cloud Controls for protecting sensitive data. This assessment supports the EDM Council's Cloud Data Management Capabilities Framework, aimed at aiding financial services and other industries in data migration to the Cloud. The initiative underscores Snowflake's commitment to providing standardized data management practices, helping clients streamline compliance and enhance security during their data transitions.

Snowflake (NYSE: SNOW) has unveiled its Financial Services Data Cloud, a platform designed to enhance data usage for financial organizations, fostering business growth and compliance. Key highlights include:

• 100% YoY growth in product revenue from financial services customers.
• 57% of Fortune 500 financial firms utilize Snowflake's services.
• Offers robust security measures compliant with stringent regulations.

Major clients include Allianz, BlackRock, and Capital One, leveraging the platform to drive innovation and improved customer experiences.

Snowflake (NYSE: SNOW) announced that Chief Financial Officer Mike Scarpelli will present at three upcoming investor conferences. The presentations are scheduled for:

• Deutsche Bank's Virtual Technology Conference on September 9 at 10:50 a.m. PT
• Piper Sandler Global Technology Conference on September 14 at 8:00 a.m. PT
• Citi's Global Technology Virtual Conference on September 15 at 11:40 a.m. PT

Snowflake (SNOW) reported a strong second quarter for fiscal 2022, ending July 31, 2021, with revenue of $272.2 million, reflecting a 104% year-over-year growth. The product revenue reached $254.6 million, also up 103%. Remaining performance obligations surged to $1.5 billion, a 122% increase year-over-year. Snowflake's net revenue retention rate stood at 169%, with 4,990 customers and 116 customers generating over $1 million each in product revenue annually. The company's positive adjusted free cash flow marked the third consecutive quarter of profitability.