Snowflake Reports Financial Results for the Second Quarter of Fiscal 2024
Record-breaking numbers include profitability on non-GAAP basis for First Time as a Public Company
Key highlights from the quarter
- Revenue of $592 million, representing a 67% year-over-year increase.
- Net income of $59 million, or $0.19 per share, on a non-GAAP basis.
- Remaining performance obligations of $3.4 billion, representing a 73% year-over-year increase.
- Free cash flow of $175 million.
Snowflake's strong financial performance in the second quarter of fiscal 2024 was driven by continued demand for its cloud-based data warehousing platform.
Snowflake has been growing rapidly since its inception in 2012. The company's revenue has grown by more than 100% year-over-year for the past three years.
Snowflake's success is due in part to its focus on innovation. The company has been a pioneer in the development of cloud-based data warehousing technology.
Snowflake's platform is used by a wide range of customers, including Fortune 500 companies and government agencies. The company's customers use Snowflake to store and analyze their data in order to gain insights that can help them make better decisions.
Snowflake's financial results for the second quarter of fiscal 2024 are a testament to the company's strong execution and continued growth potential.
Snowflake is well-positioned to continue its growth in the future. The company has a strong balance sheet and a large and growing customer base.
Snowflake is also well-positioned to benefit from the growing trend towards cloud adoption. More and more businesses are moving their data to the cloud, and Snowflake is well-positioned to help them with this transition.
Financial Summary Table
| Quarter | Revenue | Net Income |
|---|---|---|
| Q2 2024 | $592 million | $59 million |
| Q1 2024 | $466 million | $26 million |
| Q4 2023 | $383 million | $15 million |
| Q3 2023 | $334 million | $9 million |
Source: Snowflake Investor Relations
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