Welcome to our dedicated page for Snowflake news (Ticker: SNOW), a resource for investors and traders seeking the latest updates and insights on Snowflake stock.
Snowflake Inc., founded in 2012, is a pioneering company in the realm of cloud-based data warehousing and analytics. Based in Silicon Valley, the company set out to revolutionize the data warehouse and succeeded by creating a unified cloud service that integrates all users, data, and workloads. Snowflake's innovative solutions make data storage, processing, and sharing seamless, enabling enterprises to gain valuable insights from their data efficiently.
With its data lake technology, Snowflake stores unstructured and semi-structured data, which can be analyzed and transformed into actionable insights within its powerful data warehouse. The company’s data sharing capability stands out, allowing businesses to buy and integrate data almost instantly, compared to traditional methods that take months.
Snowflake serves over 3,000 customers, including nearly 30% of the Fortune 500 companies. It supports multiple public clouds, ensuring flexibility and scalability for diverse business needs. The company went public in 2020, marking a significant milestone in its journey.
Backed by leading venture capital firms such as Redpoint Ventures, Sutter Hill Ventures, and Wing Ventures, Snowflake boasts a team of experts with over 120 patents in database architecture, query optimization, and parallelization. The company continuously seeks top talent in various fields including distributed systems engineering, database engineering, user interface, user experience, quality assurance, technical support, and technical writing.
Snowflake's commitment to innovation and excellence has positioned it at the forefront of the data warehousing industry, making it a key player for businesses seeking cutting-edge data solutions.
Snowflake (NYSE: SNOW) reported strong financial results for Q4 and FY2021, with revenue of $190.5 million, a 117% year-over-year growth. Product revenue reached $178.3 million, marking a 116% increase. Remaining performance obligations grew 213% to $1.3 billion. The net revenue retention rate was 168%. For FY2021, product revenue totaled $553.8 million, a 120% increase, albeit with an operating loss of $543.9 million. The guidance for Q1 FY2022 indicates expected product revenue between $195-$200 million.
BlackRock (NYSE:BLK) and Snowflake (NYSE:SNOW) have partnered to launch the Aladdin Data Cloud, enhancing investment management capabilities. This solution integrates Aladdin's data with Snowflake’s platform, enabling clients to access and analyze business-critical data seamlessly. The Aladdin Data Cloud aims to improve operational efficiency and creativity by allowing the combination of Aladdin and third-party data sources. This collaboration is part of BlackRock’s initiative to eliminate data silos in the industry and seeks to set a new standard in financial services for data access and governance.
Snowflake (NYSE:SNOW) announced a strategic partnership with Abacus Insights to enhance healthcare data access and insights. This collaboration aims to break down data silos in the healthcare industry, enabling health plans to integrate and share data efficiently across various healthcare providers and applications. Abacus Insights will leverage Snowflake’s Data Cloud as a central hub for data analysis, allowing healthcare organizations to unlock valuable insights and improve patient outcomes. The solution aims to streamline data access, enhancing the quality of care while accelerating the journey towards personalized healthcare.
Snowflake (NYSE: SNOW) announced it received a perfect recommend score in the 2021 Wisdom of Crowds Analytical Data Infrastructure Market Study, with 100% of customers recommending the company for four consecutive years. Snowflake ranked as an Overall Leader in the Customer Experience Model, highlighting its high scores in scalability, usability, and technical support. Additionally, it achieved the rank of Credibility Leader, confirming strong customer confidence and value perception. The study evaluates vendors on various criteria, reinforcing Snowflake's commitment to customer satisfaction.
Snowflake (NYSE: SNOW) is set to announce its financial results for the fourth quarter and full year of fiscal year 2021, concluding on January 31, 2021. The results will be released on March 3, 2021, after the U.S. market closes. Following the release, Snowflake will host a conference call at 2 p.m. Pacific Time to discuss these results. Participants can register for the call or access a live webcast via Snowflake's Investor Relations website.
Snowflake Computing (NYSE: SNOW) has partnered with Saturn Cloud to enhance data science and machine learning capabilities. The alliance integrates their products, allowing users to leverage Python for accelerated machine learning processes. Saturn Cloud's recent benchmark showed a remarkable 2000x faster runtime than traditional tools. The partnership aims to simplify data loading and enhance performance, with Snowflake's platform providing a seamless experience across multiple clouds. This strategic move positions both companies to capitalize on the growing demand for efficient data-driven decision-making.
Snowflake announced a remarkable growth of over 300% in the total number of data providers on its Data Marketplace since April 2020. Key features include seamless access to live data without costly integrations, enabling data professionals to gain insights faster. Users can now access over 350 datasets from 120 providers, with 26% of datasets being open for all customers. Leading brands such as DoorDash and Pacific Life Insurance are already benefiting from this enhanced data accessibility, facilitating better decision-making and operational efficiency.
Snowflake, the Data Cloud company, has been added to the NASPO ValuePoint Cloud Solutions contract with Carahsoft Technology Corp. This partnership enables Carahsoft to provide Snowflake’s Data Cloud technology to state and local governments as well as educational institutions. The collaboration aims to enhance data mobilization and improve citizen services by offering secure data sharing and integrated platform capabilities. NASPO ValuePoint’s cooperative purchasing program ensures competitive pricing and high-quality contracts for public entities.
Snowflake (NYSE: SNOW) reported a strong third quarter of fiscal 2021, ending October 31, 2020, with total revenue of $159.6 million, reflecting 119% year-over-year growth. Product revenue reached $148.5 million (115% YoY growth), and remaining performance obligations soared to $927.9 million (240% YoY growth). The net revenue retention rate was an impressive 162%. Despite a GAAP operating loss of $169.5 million and free cash flow usage of $37.9 million, the company's customer base grew to 3,554, with 65 customers generating over $1 million in product revenue.
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