Snowflake Achieves $1 Bn Revenue Quarter for the First Time
Product revenue, which reflects customer consumption of compute, storage, and bandwidth, reached $996.8 mn
Snowflake, the cloud data warehousing company, crossed a major milestone with quarterly revenue hitting $1.04 billion, a 26% year-over-year increase and above the $1.01 billion expected.
Product revenue, which reflects customer consumption of compute, storage, and bandwidth, reached $996.8 million—again up 26% and topping forecasts of $962 million.
Despite these gains, Snowflake still posted a net loss of $429.9 million under generally accepted accounting principles (GAAP), though its adjusted results highlight ongoing progress toward profitability.
CEO Sridhar Ramaswamy emphasised that this quarter, Snowflake launched over 120 new capabilities—double last year’s pace—and saw AI adoption surge, with 5,200+ accounts using the company's tools weekly.
"By migrating work to our AI Data Cloud, our customers are slashing costs by 30% or more, while dramatically accelerating workflows," he said in a LinkedIn post.