Overview
- Quarterly revenue reached $1.145 billion with product revenue at $1.09 billion, up 32% year over year, as net revenue retention ticked up to 125%.
- Snowflake ended the quarter with 12,062 customers and a record 50 new million‑dollar accounts, bringing the total to 654, while remaining performance obligations rose to $6.9 billion.
- The stock climbed about 18% to 20% following the report, trading near $240 to $241 on Thursday.
- More than 6,100 accounts use Snowflake AI weekly, with AI driving roughly 50% of new customer acquisitions and powering about 25% of deployed use cases.
- GAAP losses continued even as non‑GAAP results improved to $129 million in net income with an 11% operating margin, and Bank of America raised its price target to $280 with a buy rating.