Snowflake posted its fiscal first-quarter earnings that surpassed expectations.
The cloud-computing date warehousing company’s fiscal 2023 non-GAAP earnings came in at 1 cent per share, exceeding the Zacks Consensus Estimate by 200%. The company incurred a loss of -24 cents in the year-ago quarter.
Revenues climbed +84.5% from the year-ago quarter to $422.4 million, beating the consensus estimate by 3.11%.
Revenues from Snowflake’s product revenues (accounting for 93.4% of total revenues) rose +84.4% year over year to $394.4 million, well above the company’s guidance range of $383 million-$388 million.
Professional Services and other revenues (6.6% to total revenues) surged 85.2% year over year to $27.9 million.
In the fiscal first quarter, Snowflake had a net revenue retention rate of 174% for existing customers, compared to 168% in the year-ago quarter but slightly lower than the 177% in the previous quarter.
The company had a 40% year-over-year growth in the number of customers, reaching 6,322 in the reported quarter.
For the second quarter of fiscal 2023, Snowflake projects product revenues in the range of $435 million-$440 million, implying year-over-year growth of 71-73%. The operating loss margin is expected at 2% for the second quarter.
For fiscal 2023, Snowflake now predicts product revenues in the range of $1.885 billion-$1.900 billion, indicating a year-over-year growth of 65-67%.