Snowflake Inc Stock Price, News & Analysis

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.

Snowflake (NYSE: SNOW) announced it will release its financial results for Q2 fiscal year 2022, ending July 31, 2021, on August 25, 2021, after U.S. markets close. A conference call is scheduled for 2 p.m. PT that day to discuss the results. Participants can register for the call via Snowflake's Investor Relations website. An audio replay will be available for 30 days post-call. Snowflake's Data Cloud enables organizations to efficiently mobilize their data, with thousands of customers, including 187 Fortune 500 companies.

Snowflake (NYSE: SNOW) announced its support for Unified ID 2.0, an open-source identity solution developed by The Trade Desk. This integration allows organizations to enhance audience data without sharing personally identifiable information (PII). With Unified ID 2.0, Snowflake customers can optimize data-driven advertising strategies using secure data sharing technology. The solution aims to enable brands, publishers, and data partners to manage first-party data efficiently while ensuring consumer privacy. Key platforms adopting Unified ID 2.0 include The Washington Post, FuboTV, and Nielsen.

Snowflake (NYSE: SNOW) held its third-annual Snowflake Summit from June 8-10, attracting over 60,000 virtual registrants. The event showcased innovations that empower data scientists, emphasizing the importance of data without boundaries. Key announcements included new features under five pillars: Connected industries, Global data governance, Platform optimizations, Data programmability, and Powered by Snowflake. The Snowflake Startup Challenge awarded $250,000 to winner OverlayAnalytics. Notable customers participated, sharing insights to drive data as a strategic asset.

OneTrust has partnered with Snowflake (NYSE: SNOW) to enhance data classification via Snowpark. This integration allows data engineers and scientists to efficiently identify sensitive data across various datasets, facilitating compliance with regulatory standards. Key capabilities include scaling up data volume for scanning, automatic access restrictions based on data sensitivity, and improved efficiency in data pipeline operations. The integration is now available, with Snowpark capabilities in preview.