Snowflake Inc Stock Price, News & Analysis

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.

Snowflake (NYSE: SNOW) has introduced the Powered by Snowflake program, which aims to enhance the development and delivery of applications for partners. This initiative provides resources including technical support, design workshops, co-marketing opportunities, and performance optimization assistance. Notable partners like BlackRock, Instacart, Adobe, and Lacework are leveraging this program to create innovative applications and improve customer insights. The program reflects Snowflake's commitment to fostering partnerships that drive business growth and optimize data utilization.

Snowflake (NYSE: SNOW) has launched new product innovations aimed at enhancing its Data Cloud capabilities during the Snowflake Summit. Key features include Snowpark for developers to use Java and Scala, Java UDFs for custom code integration, improved handling of unstructured data, and a new SQL API for easier application integration. Global governance innovations include PII classification and anonymized views. Additionally, platform optimizations promise better storage economics and interactive performance improvements. These advancements position Snowflake for greater market leadership.

Snowflake (NYSE: SNOW) reported its Q1 FY2022 results, showing a remarkable 110% year-over-year revenue growth of $228.9 million, with product revenue at $213.8 million. Remaining performance obligations reached $1.4 billion, a 206% increase from last year. The net revenue retention rate stood at 168%. Despite strong revenue growth, the company reported an operating loss of $205.6 million. The guidance for Q2 FY2022 anticipates product revenue between $235-240 million, reflecting 88-92% year-over-year growth.