Snowflake: 4 Big Steps on Journey to $1 Billion in Data Cloud Revenue
Snowflake continued on its high-growth trajectory in its fiscal Q4 ended Jan. 31 with product revenue jumping 116% to $178 million and overall revenue soaring 117% to $190 million.
Revenue for the fiscal year was $592 million. The cloud database provider’s guidance for the current year puts it on track to generate product revenue of between $1 billion and $1.02 billion in FY2022, which would be in the range of 81% to 84% growth. While that would represent a slowdown in Snowflake’s growth rate, that’s not unusual for a company reaching that size.
On Snowflake’s earnings call, CEO Frank Slootman and CFO Mike Scarpelli painted an optimistic picture of the company’s strategic moves and progress. Q4 highlights included:
4,139 total customers in 2020, including 77 with trailing 12-month product revenue of more than $1 million
A partnership with BlackRock to create a data cloud platform called Aladdin Data Cloud for the investment management industry
Remaining performance obligations (a measure o…