Applications beyond data warehousing, expansion into EMEA and Asia Pacific, and targeted vertical industries are among the ambitious plans of the data cloud company.
The data cloud service provider Snowflake has posted three-digit growth in sales for the first quarter of fiscal 2022, which has just ended, and continues to review applications for its data cloud platform that go beyond its original data warehouse target.
« Ours initial focus on targeting older data warehouse workloads is strong. And it will stay that way indefinitely, « said CEO Frank Slootman (pictured) on a call for earnings on Wednesday to discuss financial results. « This is a proven strategy. »
« However, our view of the future is much more ambitious, » said Slootman, referring to the growing revenue from other data services running on the Snowflake platform, including secure data sharing and of the company’s data market.
[See also: Data Cloud Giant Snowflake strengthens alliance with Analytics Developer ThoughtSpot with an investment of USD 20 million]
For the first quarter of fiscal 2022 (ending April 30, 2021), Snowflake had sales of $ 228.9 million, up 110 percent from $ 108.8 million in the first quarter of fiscal 2021 The company posted a net loss of $ 203.2 million for the quarter compared to a loss of $ 93.6 million a year earlier.
Snowflake now has 4,532 customers – 104 with trailing 12 month product sales of more than $ 1 million. That’s an increase from 77 in the fourth quarter of fiscal 2021.
« The modernization from local to cloud computing is changing the landscape, » Slootman said. “Customers are moving workloads to public clouds in order to take advantage of the unlimited capacity and scalability, as well as the utility model with which they can pay with the drink.”
« Customers are now trying to familiarize themselves with a world in which data informs people to transform it into a world where data directly drives operations, « continued the CEO. “Data is driving digital transformation. Data is the beating heart of the modern company. Snowflake is becoming the core infrastructure of the digital economy. “
Snowflake reported that product sales for the first quarter were $ 213.8 million, also up 110 percent year over year. Snowflake said metrics are important because the company tracks revenue based on platform usage – including compute, storage, and data transfer resources – rather than the size and duration of contract terms.
The company forecasts product revenue for the Fiscal year 2022 will be between $ 1.02 billion and $ 1.035 billion, up 84 to 87 percent from fiscal 2021. Industry observers have been following Snowflake closely after the San Mateo, California-based company last year The company went public in a blockbuster IPO on September 9, in which the data cloud service provider’s market capitalization initially surged over $ 70 billion, outperforming many IT industry giants such as Dell Technologies and VMware.
The Snowflake closed on Wednesday -Share at $ 235.25 per share, up $ 5.29, or 2.30 percent per day, and figured that out The company’s market capitalization at $ 67.92 billion. In after-hours trading, however, the company’s shares fell $ 7.25, or around 30 percent, to $ 228.00.
According to Slootman, Snowflake is stepping up operations in EMEA and the Asia-Pacific region, where bookings in the quarter versus Up 200 percent and 300 percent respectively last year.
He also said the company is sharpening its vertical marketing strategy to sell to customers in the financial services, healthcare, retail and consumer goods, media and advertising, technology and public sectors Sector expanding.
The CEO also said « Partners are moving to Snowflake » and that IT services giant Deloitte has passed the $ 100 million threshold to do business with Snowflake.
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